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Compound Growth Transforms Nations
- Small differences in annual growth rates compound enormously over decades and reshape national incomes.
- South Korea's rapid investment in capital and education explains its huge divergence from North Korea over 75 years.
Recent Centuries Created Modern Wealth
- Human prosperity barely budged for most of history until sustained growth began around the 1800s.
- Industrialization and repeated doubling of per-capita income over two centuries drove modern standards of living.
Four Ingredients Of Growth
- Growth arises from using more resources and from producing more with the same resources.
- Economists break growth into labor, human capital, physical capital and technological progress.