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.
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Gregory Clark
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About Gregory Clark on QuoteMust
Gregory Clark currently has 1 indexed quotes and 1 linked works on QuoteMust. This page is the canonical destination for that author archive.
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A Farewell to Alms: A Brief Economic History of the World
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