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Industrial Revolution (Lucas Jr.)

What was the industrial revolution? by Robert E. Lucas, Jr published by NBER (6/2017). “At some point in the first half of the 19th century per capita GDP in the United Kingdom and the United States began to grow at something like one two percent per year and have continued to do so up to the present. Now incomes in many economies routinely grow at 2 percent per year and some grow at much higher ‘catch-up’ rates…”

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