Economically speaking, the last two centuries have been pretty good for much of Europe, North America and Asia. People live longer, are healthier, and are richer than ever before.

Before about 1850, economies grew slowly, barely more than a percent a year on a per capita basis. Since 1850, they’ve powered ahead.

This spurt is usually attributed to technology – you know, the industrial revolution, electricity, Angry Birds, that kind of thing. But something else also matters: demographics. In short, much of the world has benefited from a two hundred year rise in the proportion of people who work. Good news, no? But first they lift you up…

Robert Smithson

Robert tweets as ‘@MarketWarbles’

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