Yeah that was my initial thought too. Here's a graph of population overlaid on the GDP chart. Follows fairly closely.pic.twitter.com/MEEpiG2b9L
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Yeah that was my initial thought too. Here's a graph of population overlaid on the GDP chart. Follows fairly closely.pic.twitter.com/MEEpiG2b9L
Yes, that's very much worth pointing out. Quite often the oddest thing about some long-run developments is how little they seem to be affected by all the craziness that happens around them. [Here is the latest data for this: https://ourworldindata.org/grapher/maddison-data-gdp-per-capita-in-2011us?tab=chart&yScale=log&country=USA …]pic.twitter.com/HLrZq6NGQm
Oh just saw that yours shows GDP. For GDP per capita it is even more surprising. (Also, this idea that the US was at any point like China today is very, very wrong. Catch up growth and growth at the technological frontier are very different.)
It's a log scale so we're looking at an exponential function. Why is that lack of dynamics?
A recent theory from econ history is that the industrial revolution isn't a growth story but a demographic one. Machines reduced wage premium for strength which increased the opportunity cost for women not working, and we escaped the malthusian trap for the first time ever.pic.twitter.com/FP64UQqzX4
Accordingly, you can find epochal drama in GDP/person.pic.twitter.com/Na8p5NL7s2
That the basket of goods in cpi are designed to keep that graph a straight line?
GDP delfator ≠ CPI
Piketty covers this extensively in CAPITAL IN THE 21ST CENTURY, IIRC, but I'm only halfway through so I haven't learned yet what conclusions he draws from it.
I don't want to spoil, but one of the conclusions is that capital is bound to take over if no regulation (as opposed to wages), and that ended poorly in the past. Else parts of the book are just observations that there are historical behavioural constants, also interesting
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