A note on historical economic growth

Abstract

The article explores the implications of different models of long-run economic growth for the future. It examines the idea of accelerating growth, driven by a positive feedback loop, and the alternative model of distinct “growth modes,” each with its own growth dynamic. The article discusses the possibility that future economic growth may not follow the pattern of accelerating growth observed in the past and considers the implications of this for various predictions about future technological advancements. The article ultimately concludes that even if the acceleration model is not entirely accurate, the general case for explosive growth driven by advanced technologies remains plausible, although the specific arguments in favor of such growth may be slightly weaker. – AI-generated abstract.