Principles of Macroeconomics / Unit 4 MAC 0301 short lesson, about 20 seconds
Modern Economic Growth Is Recent
Captions available
The idea
Sustained growth in living standards is recent. For most of history output per person barely moved; the change began about two centuries ago.
In practice
A medieval peasant and a Roman farmer lived at roughly the same material level.
Where people slip
Growth is the exception in human history, not the normal condition, which is why explaining it matters so much.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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