Economic growth Quote by Edward A. Hudson

“Venice developed a merchant culture and, with the best transportation technology of the day, grew wealthy on the basis of trade. Ultimately, though, its single form of advantage was competed away and Venice was unable to replace it. Venice did not achieve economic growth.” quote by Edward A. Hudson — Download Open image

““Venice developed a merchant culture and, with the best transportation technology of the day, grew wealthy on the basis of trade. Ultimately, though, its single form of advantage was competed away and Venice was unable to replace it. Venice did not achieve economic growth.””

Edward A. Hudson

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More by Edward A. Hudson

“Economic growth continued by means of a succession of new products which found growing and ultimately massive demand. Some of the new products were goods, some were services, most involved new technologies but it was not the novel technologies which made the difference as much as the creation of new products which satisfied a previously unmet, or even unknown, consumer…

Edward A. Hudson

“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

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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.”

Edward A. Hudson

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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…

Edward A. Hudson

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

Edward A. Hudson

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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…

Edward A. Hudson

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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…

Edward A. Hudson

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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 through “blue sky” research, they occurred as people were searching for ways to break through a constraint in existing ways of doing things. The innovations were demand-driven – they provided solutions to pressing practical problems. The…

Edward A. Hudson

“Woolens were fundamentally different from cottons – advances in cotton processing made cotton goods accessible to everyone, creating a new market whereas advances in wool processing slightly reduced the price of an already established product. This highlights the importance of demand in industrial growth. Cotton and woolens each experienced radical innovation in processing technology; each was transformed from a cottage…

Edward A. Hudson

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

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 goods, some were services, most involved new technologies but it was not the novel technologies which made the difference as much as the creation of new products which satisfied a previously unmet, or even unknown, consumer…

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