“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
“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
“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 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
“Demand features – product design, marketing, credit and the consumer society - are central to this process. Demand drives growth while supply… — Edward A. Hudson Economics 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 Small steps 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 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
“When the conquests stopped, the empire moved into a steady state or, more bluntly, it stagnated.” — Edward A. Hudson 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
“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 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
“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 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
“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 Economic growth 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
“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 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
“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 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 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
“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 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
