World Economic Historical Statistics

World Economic Historical Statistics

World Economic Historical Statistics

World Economic Historical Statistics

Excerpt

Human beings have since the earliest of times endeavored to uncover the causes of prosperity. Due to this question’s overwhelming importance, over the millennia some of the best thinkers have dedicated their lives to pondering the matter and they have progressively formulated ever more complex ideas. In the 16th century economic ideas began to take a more elaborate form and evolved into theories. In the following centuries the number of books on economics rapidly grew and economists’ knowledge did likewise. By the early 21st century, economists understood vastly more than their counterparts of past centuries, but still none of the theories they produced could provide clear guidelines on how to attain fast and sustained economic growth. Below, a quick review of some of the more accepted theories shows that there are perhaps more exceptions than not, and none of the theories alone can account for much of history.

Economic growth is the key to prosperity and by the early 2000s several countries enjoyed a very prosperous existence relative to other nations. Living conditions in these nations had improved enormously; famines and epidemics had disappeared. However, relative to the aspirations of the average person, prosperity had not been attained. Even the most developed countries were enduring high levels of unemployment or underemployment. In the nations that were less developed, the situation had not improved much, over all.

History is the best tool that society possesses for identifying and analyzing the factors that have made human existence so painful. Living conditions worldwide were miserable and largely stagnant up to the 18th century, but there were small fluctuations of the economy. Hundreds of variables interplayed simultaneously and it is the task of scientists to discover which among those . . .

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.