TITLE:
Changing the Paradigm
AUTHORS:
Ron W. Nielsen
KEYWORDS:
Hyperbolic Distributions, Reciprocal Values, Economic Growth, Growth of Human Population, Industrial Revolution, Unified Growth Theory, Growth Regimes, Gross Domestic Product, GDP
JOURNAL NAME:
Applied Mathematics,
Vol.5 No.13,
July
14,
2014
ABSTRACT:
A simple but useful method of analysis of hyperbolic
processes is presented and its application is illustrated by using the growth
of human population in Africa, the economic growth in Western Europe and the
examination of the fundamental postulates of the Unified Growth Theory. It is
shown how this method can revolutionize the interpretation of the historical
economic growth and the growth of human population and how it can help to
understand the current growth. Examples used to illustrate the application of
this method show that, contrary to the accepted interpretations, the Industrial
Revolution and the accompanying unprecedented technological development had no
impact on the economic growth even in Western Europe and that Galor’s Unified
Growth Theory fails the scientific test.