“It also requires us to look at spending (or demand) industry by industry, as economic growth is characterized by continuing introduction of new products, emergence of growth industries and slowing of mature industries.” — Edward A. Hudson Copy Share Image
“Total spending or demand did not expand rapidly. It was important that excess demand conditions were modest – there was sufficient demand to create clear financial incentives to innovate but not so much as to spill over into inflation and… — 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
