It is obvious how wealth allows for a larger population, but could a larger population in turn also create more wealth? The answer is yes - so long as people are allowed to innovate.
What did the species do differently in the last 250 years or so? What allowed humanity at last to fully realize its innovative potential to create wealth?
Economic growth started to accelerate some 250 years ago, first in Great Britain and the Netherlands, then the rest of Western Europe and North America, and finally the rest of the world.
The Nobel-prize-winning economist Douglass North contends that the evolution of institutions, including constitutions, laws, and property rights, was instrumental to economic development.
Economist Deirdre McCloskey attributes the wealth explosion, or the "Great enrichment," to a change in attitudes about markets and innovation.
Over time, new ideas as well as greater inclusivity of political and economic frameworks allowed for a sustained increase in human numbers and prosperity.
The basic recipe for economic growth is still the same today.
https://spectator.org/an-old-fashioned-recipe-for-economic-growth/
What did the species do differently in the last 250 years or so? What allowed humanity at last to fully realize its innovative potential to create wealth?
Economic growth started to accelerate some 250 years ago, first in Great Britain and the Netherlands, then the rest of Western Europe and North America, and finally the rest of the world.
The Nobel-prize-winning economist Douglass North contends that the evolution of institutions, including constitutions, laws, and property rights, was instrumental to economic development.
Economist Deirdre McCloskey attributes the wealth explosion, or the "Great enrichment," to a change in attitudes about markets and innovation.
Over time, new ideas as well as greater inclusivity of political and economic frameworks allowed for a sustained increase in human numbers and prosperity.
The basic recipe for economic growth is still the same today.
https://spectator.org/an-old-fashioned-recipe-for-economic-growth/
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