The Great Enrichment and the Great Divergence

Among the important points that we have touched upon so far, one of the striking points about our world is that the modern world is remarkably new and different from the long history of humanity. The modern world we live in is only about 250 years old, whereas the world that preceded it is around 250,000 years old (that’s the time since anatomically modern humans appeared on the scene.)

Economic historians like Deirdre McCloskey call it the “Great Enrichment”: the world became around 30 times richer per capita in just two and a half centuries.  Economics explains why that astonishing change occurred. Continue reading “The Great Enrichment and the Great Divergence”