Quotation of the Day…

by Don Boudreaux on January 24, 2017

in Growth, Innovation, Standard of Living

… is from page 66 of Johan Norberg’s marvelous 2016 volume, Progress; Johan’s statistic is taken from Robert Fogel‘s 2004 book (footnote deleted; link added):

Unknown-2As innovation produced unprecedented productivity increases, the production value of every worker increased, and so did incomes. Between 1820 and 1850, when the population [of England] grew by a third, workers’ real earnings rose by almost 100 percent.  If earlier trends had continued, it would have taken the average person 2,000 years to double his income, but the English achieved this in only thirty years.


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