“Economic growth took place at the product and industry level; growth was driven by demand and enabled by supply expansion.” — Edward A. Hudson Copy Share Image
“It also requires us to look at spending (or demand) industry by industry, as economic growth is characterized by continuing introduction of… — Edward A. Hudson Copy Share Image
“This sequence illustrates one crucial feature of economic growth – the succession of new products which met huge consumer demand, creating growth… — Edward A. Hudson Copy Share Image
“We approach economic growth from a practical point of view. To do this we look at the history of growth to work… — Edward A. Hudson Copy Share Image
“per capita incomes scarcely changed; the new production was absorbed in supporting an increasing population. This was not economic growth. The economy… — Edward A. Hudson Copy Share Image
“Whereas in other countries expansion stopped when an initial advantage had been fully exploited, England moved through a succession of new products… — Edward A. Hudson Copy Share Image
“Venice developed a merchant culture and, with the best transportation technology of the day, grew wealthy on the basis of trade. Ultimately,… — Edward A. Hudson Copy Share Image
“Economic growth continued by means of a succession of new products which found growing and ultimately massive demand. Some of the new… — Edward A. Hudson Copy Share Image
“there have been two keys to economic growth in America: (1) the continuing sequence of new products which consumers wish to buy,… — Edward A. Hudson Copy Share Image
“Economic growth always involves change. New goods and services are introduced, patterns of spending and consumption change, production expands, new production processes… — Edward A. Hudson Copy Share Image
“We start by going back 2,000 years. There were successful civilizations in Rome, China and later in western Europe. These leading countries… — Edward A. Hudson Copy Share Image
“Economic growth continued by means of a succession of new products which found growing and ultimately massive demand. Some of the new products were… — Edward A. Hudson Copy Share
“Sustained growth at 2% a year changes lives. An increase at 2% a year for 150 years increases average incomes by a factor of 16.” — Edward A. Hudson Copy Share
“England achieved the breakthrough to growth. England’s growth followed from agricultural advances which increased incomes sufficiently that people started to demand more manufactured goods.” — Edward A. Hudson Copy Share
“There had previously, such as in Rome and the Netherlands, been growth over one or two centuries but this earlier growth was based on… — Edward A. Hudson Copy Share
“Economic growth took place at the product and industry level; growth was driven by demand and enabled by supply expansion.” — Edward A. Hudson Copy Share
“growth processes operate at the market level, not the economy-wide level. This requires us to look at growth industry by industry.” — Edward A. Hudson Copy Share
“The result was introduction and adoption of a sequence of new products. These new products started off small but, tapping the huge potential markets… — Edward A. Hudson Copy Share
“At the industry level this process went, for example, from cotton, tobacco and wheat through railroads and automobiles, household appliances and electrical goods, to… — Edward A. Hudson Copy Share
“After the 1950s the leading causes of death became heart diseases, cancers and strokes, often known as “lifestyle diseases”. These have proved more difficult… — Edward A. Hudson Copy Share
“The development of information technology has taken place through a sequence of innovations, one building on another. Most of these innovations did not occur… — Edward A. Hudson Copy Share
“Woolens were fundamentally different from cottons – advances in cotton processing made cotton goods accessible to everyone, creating a new market whereas advances in… — Edward A. Hudson Copy Share
“Within this stable and secure environment people had the ability and the incentive to pursue their own economic interests.” — Edward A. Hudson Copy Share
“Whereas in other countries expansion stopped when an initial advantage had been fully exploited, England moved through a succession of new products and new… — Edward A. Hudson Copy Share
“more and better resources going into agriculture allowed food production to increase over the centuries. GDP increased, although along an irregular path, at an… — Edward A. Hudson Copy Share
“per capita incomes scarcely changed; the new production was absorbed in supporting an increasing population. This was not economic growth. The economy expanded, it… — Edward A. Hudson Copy Share
