“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 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
“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
“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
“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
“When the conquests stopped, the empire moved into a steady state or, more bluntly, it stagnated.” — Edward A. Hudson 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
“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
“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
“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
“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
“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 Demand 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 Demand 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 Continued 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 Netherlands 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… — Edward A. Hudson Blue sky 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 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
“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 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
“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
“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
“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
“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 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 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
“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
“per capita incomes scarcely changed; the new production was absorbed in supporting an increasing population. This was not economic growth. The economy… — Edward A. Hudson Ancient history 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 Demand 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
“Whereas in other countries expansion stopped when an initial advantage had been fully exploited, England moved through a succession of new products… — Edward A. Hudson Change 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 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
