Economics

The Great Enrichment Is Real

From about 1800 to the present the world's economy did something good, which looks to be permanent and looks to be justified. If contrary to the evidence we cling to our prejudices about economic history—our view that the Industrial Revolution was improverishng, or...

Mass Production Equals Mass Consumption

[R]elative shares in national income have remained substantially constant over the last hundred years. This, however, is true only if we measure them in money. Measured in real terms, relative shares have substantially changed in favor of the lower income groups. This...

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