Main Points 9/14/11

• First 1000 years A.D. income stayed stagnant and living standards did not improve
• literacy fell on a wide scale
• deurbanized
• extremely low GDP growth
• Technological advancements alone does not at all guarantee economic growth
• tech for steam engine was available during year 1000 
• Pre- Industrial Revolution there was no middle class
• Growth rate increase since 1800 has been incredible (about 1 %- 3 %)
• World production has grown much faster than world population
• Extensive growth is technological advancements designed to support people not improve living standards
• Through time, monetary inequality has risen
• 1870, USA 9x richer than poorest countries; Today, USA 75x richer than poorest countries
• 80% reduction in poverty in last 40 years
• How different are some of the rich and poor today
• functionality vs causality