“England achieved the breakthrough to growth. England’s growth followed from agricultural advances which increased incomes sufficiently that people started to demand more… — Edward A. Hudson Innovation Copy Share Image
“When the conquests stopped, the empire moved into a steady state or, more bluntly, it stagnated.” — Edward A. Hudson Copy Share Image
“Agricultural productivity had been rising for some time, leading to increasing production of food and, as food accounted for most of the… — Edward A. Hudson Family Copy Share Image
“Economic growth took place at the product and industry level; growth was driven by demand and enabled by supply expansion.” — Edward A. Hudson Economic growth Copy Share Image
“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 Economics Copy Share Image
“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 Change Copy Share Image
“Some countries in earlier eras achieved rising per capita incomes but, when the source of the rise had been played out, were… — 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 Economic growth Copy Share Image
“Total spending or demand did not expand rapidly. It was important that excess demand conditions were modest – there was sufficient demand… — Edward A. Hudson Demand 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 Ancient history Copy Share Image
“The emergence of the steam engine and its entire subsequent development was driven by market needs. The original need was to pump… — Edward A. Hudson Investing 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 Change Copy Share Image
“production capability increases through investment and productivity gains, allowing supply to expand to sustain the growing demand and to generate increasing net… — Edward A. Hudson Economics Copy Share Image
“The enabling side of this process is the ongoing increase in production capability with more physical capital, more human capital and more… — Edward A. Hudson Copy Share Image
“A small number, such as Stephenson’s railway passenger services, were unexpected successes – a new product appeared for which there was a… — Edward A. Hudson Demand Copy Share Image
“At the industry level this process went, for example, from cotton, tobacco and wheat through railroads and automobiles, household appliances and electrical… — Edward A. Hudson Computers Copy Share Image
“As with Britain, growth in the United States started with agriculture. Then, steel, railroads, automobiles, electricity, consumer appliances, telecommunications and chemicals were… — Edward A. Hudson Continued growth Copy Share Image
“The Netherlands grew rich on the back of trading, particularly between Asia and Europe. However, the Netherlands had no repeat innovation industry.… — Edward A. Hudson Netherlands Copy Share Image
“The development of information technology has taken place through a sequence of innovations, one building on another. Most of these innovations did… — Edward A. Hudson Blue sky Copy Share Image
“Demand features – product design, marketing, credit and the consumer society - are central to this process. Demand drives growth while supply… — Edward A. Hudson Demand 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 Civilizations Copy Share Image
“The reason for the different speeds of adoption is that the key industrial using devices, the light bulb and the electric motor,… — Edward A. Hudson Family Copy Share Image
“the United States grew in exactly the same way as Britain - by developing a sequence of successful new products, creating new… — Edward A. Hudson Growth Copy Share Image
“A GPT is seen as an epoch-defining technology which spreads through many industries, allowing costs to fall and, equivalently, productivity to increase.… — Edward A. Hudson Industrial revolution Copy Share Image
“Woolens were fundamentally different from cottons – advances in cotton processing made cotton goods accessible to everyone, creating a new market whereas… — Edward A. Hudson Investing Copy Share Image
“The church, so long a brake on progress in other European countries, no longer controlled the economic life of the country. Henry… — Edward A. Hudson Church and state Copy Share Image
“Those who came up with the innovations were individuals already active in agriculture who looked deliberately and systematically to improve their businesses;… — Edward A. Hudson Business opportunities Copy Share Image
“The development of the steam engine was a gradual process. It was a sequence of small steps with a small number of… — Edward A. Hudson Copy Share Image
“There is no doubt that the Inquisition discouraged free thinking and inhibited change in Spain.” — Edward A. Hudson Free thinking Copy Share Image
“The spark that ignited the growth process was the emergence of profit opportunities arising from growing demand hitting against the limits of… — Edward A. Hudson Copy Share Image
“Probably the best way of knowing that there is likely to be a large demand is to create something that relieves a… — Edward A. Hudson Demand Copy Share Image
“Within this stable and secure environment people had the ability and the incentive to pursue their own economic interests.” — Edward A. Hudson Environment Copy Share Image
“Rome increased its per capita income by exploiting its conquered territories, not by increasing its productive potential. Rome expanded but did not… — Edward A. Hudson Copy Share Image
“Conglomerations of factories gave rise to the new industrial cities. Steam engines were later applied to mobile uses – the railway and… — Edward A. Hudson Steam engines 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 Economic growth Copy Share Image
“There had previously, such as in Rome and the Netherlands, been growth over one or two centuries but this earlier growth was… — Edward A. Hudson Change 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 Economic growth 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 Economic growth Copy Share Image
“After the 1950s the leading causes of death became heart diseases, cancers and strokes, often known as “lifestyle diseases”. These have proved… — Edward A. Hudson Death 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 Economic growth Copy Share Image
