2 ms·
But this did not happen. http://en.wikipedia.org/wiki/File:US-GNP-per-capita-1869-1918.png http://en.wikipedia.org/wiki/File:US-GNP-per-capita-1869-191...
by sethg 15y ago
But this did not happen.
http://en.wikipedia.org/wiki/File:US-GNP-per-capita-1869-1918.png http://en.wikipedia.org/wiki/File:US-GNP-per-capita-1869-191...
- scythe 15y agoFrom 1869 to 1918, the per-capita GDP increases from $4600 to $12000 -- a time constant of 1.95% per year. From 1918 to 2011, the per-capita GDP increases from $12000 to $47300 -- a time constant of 1.47% per year. That is, the pre-Fed period experienced 32% faster growth over-all, or at least that's what it looks like, to me. Feel free to contest my analysis. http://www.wolframalpha.com/input/?i=log%2812000+%2F+4600%29+%2F+49 http://www.wolframalpha.com/input/?i=log%2812000+%2F+4600%29... -- first time period. Per-capita GDP starts at $4600 and ends at $12000 over 49 years. http://www.wolframalpha.com/input/?i=log%2847300+%2F+12000%29+%2F+93 http://www.wolframalpha.com/input/?i=log%2847300+%2F+12000%2... -- second time period. Per-capita GDP starts at $12000 and end at $47300 over 93 years.