Unified Growth Theory: A story based on illusions (original) (raw)

arXiv (Cornell University), 2013

Abstract

The Unified Growth Theory is a story based firmly on illusions created by hyperbolic distributions. The three stages of growth (Malthusian Regime, Post-Malthusian Regime and Modern Growth Regime) did not exist. The great divergence and the abrupt take-off never happened. All elaborate explanations revolving around these phantom features represent an interesting story but they are scientifically unacceptable and, therefore, they do not explain the economic growth. The Industrial Revolution had no effect on the economic growth. The data clearly indicate that the economic growth was not as complicated and untidy as incorrectly described by the Unified Growth Theory but elegantly simple.

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