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I don’t think long-term GDP measures are meaningful. What point is there in comparing an economy that produces horseshoes and wooden ships with one that has tr
by mr_toad 2y ago
I don’t think long-term GDP measures are meaningful. What point is there in comparing an economy that produces horseshoes and wooden ships with one that has trains and steamships? A pre-industrial economy can’t produce X% of an industrial economy, because it can’t produce large chunks of that economy at all.
At best you can compare the parts of the economy that remain relatively unchanged - like food, or textiles, and use those as rough and incomplete proxies.
- eru 2y agoWhen both economies are existing at the same time, and even trading with each other, you can relatively easily compare them. Eg you can compare Britain that had already (partially) industrialised with her continental peers who hadn't.