Before the Industrial Revolution, living standards did not show any sustained increases over time. Economies grew, but
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Before the Industrial Revolution, living standards did not show any sustained increases over time. Economies grew, but any increase in output tended to be offset by an equally large increase in the population, so that the amount of output per person did not rise. By contrast, since the Industrial Revolution began in the late 1700s, many nations have experienced modern economic growth in which output grows faster than population—so that standards of living rise over time.
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Economics Principles Problems And Policies
ISBN: 9780073511443
19th Edition
Authors: Campbell Mcconnell ,Stanley Brue ,Sean Flynn
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