“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
“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
“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 Rome Increased 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
“There is no doubt that the Inquisition discouraged free thinking and inhibited change in Spain.” — Edward A. Hudson Free thinking 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 Gradual 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 Growing Demand 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
“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 Approach Copy Share Image
“Although this conventional theory describes the outcome of GDP growth it does not really explain the growth process. As the steady state… — Edward A. Hudson Gdp Growth Copy Share Image
“virtually the entire improvement in output per worker in Britain in the first century of the Industrial Revolution was due to improvement… — Edward A. Hudson Industrial revolution Copy Share Image
“Enclosure gave an owner control over his land and allowed him to gain the full rewards of managing the land. This increased… — Edward A. Hudson Enclosure 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
“more and better resources going into agriculture allowed food production to increase over the centuries. GDP increased, although along an irregular path,… — Edward A. Hudson Food production 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
“The logistic models suggest that purchases of information technology have a further 20 years or more until they approach saturation. This would… — Edward A. Hudson Information technology Copy Share Image
“The breakthrough into industrial growth took place in Britain. However, economic leadership gradually passed to the United States, based on a new… — Edward A. Hudson Family Copy Share Image
“Some people, today we would call them entrepreneurs, responded to these economic opportunities by seeking and eventually finding ways of producing these… — Edward A. Hudson Business 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 Change 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
“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
“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
“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
“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 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
“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
“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
“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 Continue Increase 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
“When the conquests stopped, the empire moved into a steady state or, more bluntly, it stagnated.” — Edward A. Hudson Stagnated 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… — Edward A. Hudson Innovation 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… — Edward A. Hudson Economics 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
“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
“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
“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
“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
