5. The graph below shows an index of world GDP per capita from 1000 BC to the...

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5. The graph below shows an index of world GDP per capita from 1000 BC to the year 2000.

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As you can see, over most of that period, global economic growth was virtually nonexistent. While there were periods that experienced some increase in per capita income, sustained growth begins only in the mideighteenth century and explodes after that—by the year 2000, income per capita is 12 times what it had been 250 years before.
Explain what accounts for such a dramatic change in economic growth beginning in the18th century.

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Macroeconomics

ISBN: 125389

3rd Global Edition

Authors: Daron Acemoglu ,David Laibson ,John List

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