Modern Economic Growth

A theoretical model of modern economic growth shows that long-term economic growth and improvement in per capita income level depend on technology progress. As capital per capita increases, capital marginal profit will decline and per capita growth will eventually stagnate (Solow, 1956; Swan, 1956). The study shows that "experience, skills and knowledge in long-term economic growth plays an increasingly important role" (World Bank, 1999).

However, even the Roman Empire, which was in the heyday during the reign of Marcus Orillius, did not seem to be in danger of contemporary economic growth. On the eve of the industrial revolution, Rome lacked important features of the British. There is no culture of inventions and discoveries, there are not many skilled technicians and machine manufacturers, and there is no evidence of labor shortage that could boost labor-saving inventive inventions.

There is a big difference between literature on modern economic growth and the economically harmful historical consensus of the British Empire. Many facts economists currently recommend for developing countries are actually imposed by British rule. As Allen Taylor suggested, "London's consensus" is different from our "Washington's agreement", but the IMF can not rely on the service of the British navy to carry out its recommendation. Unless an economist takes it seriously, there is at least one obvious evidence that the British Empire is economically beneficial not only to the British itself, but also to her empire, and even to the global economy.

Scientific progress is the main cause of modern economic growth, expanding the lifespan and other characteristics of modern development, and improving the quality of life in the United States. Government investment in technological innovation, the migration of scientists from other countries, and the high participation of children of immigrants and immigrants to science and engineering have contributed to the economic development of the United States. Albert Einstein, perhaps an excellent American scientist in the 20th century, is a Nazi German refugee.