FAST FIVE: From The Malthusian Miasma To Keynesian Collapse: The British Economy From 1810 To 2019
Grampp showed it empirically simply by dividing annual average wages by average wheat prices to produce “wheat wages” from 1815 to 1846.
This was an orientation which, in effect, put their children's future ahead of their own present consumption.
The catastrophe of World War II saw a 3.5 percent dent in national savings.
What we see, in effect, in the period from 1910 to 1950 is the abject squandering of eighty years of capital accumulation.
It has sacrificed long-term sustainability for short-term growth.