Economic growth: a modern idea

• For most of human history, economic growth was nonexistent or extremely slow.
• Every small technological advance allowed for the expansion of population and production. But until the Industrial Revolution, technology developed very slowly.
• Only from the Industrial Revolution onwards did significant economic growth occur and GDP per capita increase significantly.
• As we have already seen, that first economic growth around 1800 did not lead to an improvement in living conditions.
• It was only at the end of the 19th century that living conditions began to improve substantially.

​

​

​

History of world real GDP (1-2015)

https://ourworldindata.org/economic-growth

(trillions English and Russian = billions the rest = 10 ¹² = 1000000000000.

History of world real GDP (1-2015)

(Billions in English and Russian = billions in other languages = 10 ^{^9} = 1,000,000,000 https://es.wikipedia.org/wiki/Millardo )

The economy multiplied by 3.5 in 1700 years.

It doubled every 936 years.

The annual growth rate is 0.07%.

The economy multiplied by 184 in 321 years.

It doubled every 42 years.

The annual growth rate is 1.6%, 22 times higher.

Population (10000 BC – 2021)

https://ourworldindata.org/world-population-growth

Growth rate

0.03% per year

Growth rate

0.81% per year

Population (1 – 2021)

https://ourworldindata.org/population-growth

The population increased by 2.5 times in 1700 years.

It doubled every 1256 years.

The annual growth rate is 0.05%.

The population increased 13-fold in 321 years.

It doubled every 85 years.

The annual growth rate is 0.81%, 14 times higher.

History of real GDP PPP per capita (1-2018)

https://ourworldindata.org/economic-growth

https://ourworldindata.org/grapher/global-average-gdp-per-capita-over-the-long-run

Real GDP per capita in England (1270-2016)

https://ourworldindata.org/economic-growth

Life expectancy in the United Kingdom

https://ourworldindata.org/life-expectation

Life expectancy did not increase until the end of the 19th century.

The Malthusian Trap

https://ourworldindata.org/economic-growth#the-economy-before-economic-growth-the-malthusian-trap