Wednesday, December 19, 2012

The history of American prosperity

The US first led the world in per capita income around 1830. But Europe didn't realize they were behind until 1904.

The US is still the largest by 2 to one over China. Why? It started with shortage of labor which caused high pay and the need for high productivity which caused a wave of creativity in business processes. The result - lower prices. And prosperity!!

There is more to it. I have to study this more.

City Journal

No comments: