“The development of the steam engine was a gradual process. It was a sequence of small steps with a small number of major steps, each step building on what had gone before.” — Edward A. Hudson 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 water out of mines. A blacksmith in the mining industry, Newcomen, worked out how to do this.” — 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
