Preindustrial living standards are predictable based on knowledge of disease and environment. Differences in social energy across societies were muted by the Malthusian constraints. They had minimal impacts on living conditions. Since the Industrial Revolution, however, we have entered a strange new world in which economic theory is of little use in understanding differences in income across societies, or the future income in any specific society. Wealth and poverty are a matter of differences in local social interactions that are magnified, not dampened, by the economic system, to produce feast or famine.
Preindustrial living standards are predictable based on knowledge of disease and environment. Differences in social energy across societies were muted by the Malthusian constraints. They had minimal impacts on living conditions. Since the Industrial Revolution, however, we have entered a strange new world in which economic theory is of little use in understanding differences in income across societies, or the future income in any specific society. Wealth and poverty are a matter of differences in local social interactions that are magnified, not dampened, by the economic system, to produce feast or famine.
Gregory Clark Quote
Related Quotes
Your traditional EDUCATION is not going to CHANGE your life but the life you are experiencing that can change you. Choose a POSITIVE life STYLE with positive ATTITUDE which could bring you a life with…
Tags:
attitude, business, communication, dreams, faith, finance, happiness, hope, inspirational, knowledge
When you become addict in to MATERIAL things in life then the TRUE natural life start to run away from you, YES! it's can give you certain pleasure in the society but in the same time it will sabotage…
Tags:
attitude, business, communication, dreams, faith, finance, happiness, hope, inspirational, knowledge
