Family Quote by Edward A. Hudson

“Agricultural productivity had been rising for some time, leading to increasing production of food and, as food accounted for most of the household budget, to increasing incomes.” quote by Edward A. Hudson — Download Open image

““Agricultural productivity had been rising for some time, leading to increasing production of food and, as food accounted for most of the household budget, to increasing incomes.””

Edward A. Hudson

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“Economic growth continued by means of a succession of new products which found growing and ultimately massive demand. Some of the new products were…

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“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.”

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“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.”

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“There had previously, such as in Rome and the Netherlands, been growth over one or two centuries but this earlier growth was based on…

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“Economic growth took place at the product and industry level; growth was driven by demand and enabled by supply expansion.”

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“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

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“The result was introduction and adoption of a sequence of new products. These new products started off small but, tapping the huge potential markets…

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“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

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“After the 1950s the leading causes of death became heart diseases, cancers and strokes, often known as “lifestyle diseases”. These have proved more difficult…

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“The development of information technology has taken place through a sequence of innovations, one building on another. Most of these innovations did not occur…

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“Woolens were fundamentally different from cottons – advances in cotton processing made cotton goods accessible to everyone, creating a new market whereas advances in…

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“Within this stable and secure environment people had the ability and the incentive to pursue their own economic interests.”

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