“A GPT is seen as an epoch-defining technology which spreads through many industries, allowing costs to fall and, equivalently, productivity to increase. Bresnahan and Trajtenberg argue that a GPT is characterized by (1) pervasiveness – it spreads to most industries,… — 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 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 Copy Share Image
“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 Image
“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 Image
“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
“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 Image
“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 Image
“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 Image
“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 Image
“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 Image
“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 Image
“Within this stable and secure environment people had the ability and the incentive to pursue their own economic interests.” — Edward A. Hudson Copy Share Image
