![]() This process is experimental and the keywords may be updated as the learning algorithm improves.Īcemoglu, D. These keywords were added by machine and not by the authors. ![]() By 2000, world per capita GDP had risen to more than 8.5 times its 1820 value. ![]() Some time around 1820, the world growth rate started to rise, averaging just over one-half of one per cent per year from 1820 to 1870, and peaking during what Maddison calls the ‘golden age’, the period from 1950 to 1973, when it averaged 2.93 per cent per year. According to Maddison’s (2001) estimates, per capita GDP in the world economy was no higher in the year 1000 than in the year 1, and only 53 per cent higher in 1820 than in 1000, implying an average annual growth rate of only one-nineteenth of one per cent over the latter 820-year period. Sustained long-term economic growth at a positive rate is a fairly recent phenomenon in human history, most of it having occurred in the last 200 years. Economic growth is typically measured as the change in per capita gross domestic product (GDP).
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |