april 2015

Dramatic changes in the rate of world economic growth have occurred in the past because of technological advancement. Based on population growth, the global economy doubled every 250,000 years from the Palaeolithic era until the Neolithic Revolution. This new agricultural economy began to double every 900 years, a significant increase. In the current era, beginning with the Industrial Revolution, the world’s economic output has doubled as an average, every fifteen years, sixty times faster than during the agricultural era. The productivity, or output per hour of work, has quadrupled since 1947 in the United States while employment has not risen…