Intro:
What is and why it counts growth? What is the role and nature of the "industrial revolution"? Demographics and income inequality. What causes sustained economic growth over the past 200 years? Alternative hypothesis: nature, culture, institutions, good luck. Causes of persistent differences in per capita income of the country. Influence public policy: what matters and what doesn't matter for sustainable growth of living standards. Scenarios for the 21st century. (shows Maguire)
The text to read:
Robert E. Lucas Jr. -The Industrial Revolution: Past and Future