- Cafe Hayek - https://cafehayek.com -

Quotation of the Day…

Tweet [1]

… is from page 66 of Johan Norberg’s marvelous 2016 volume, Progress [2]; Johan’s statistic is taken from Robert Fogel [3]‘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 [4].  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.