Interpreting Economic History
An economic historian is studying a society in the late 18th and early 19th centuries. For centuries prior, this society's living standards were stagnant; any agricultural improvement led to a larger population, but not a wealthier one on a per-person basis. However, during the period of study, a series of technological breakthroughs occurred at an unprecedented rate, leading to a sustained rise in both population and average individual income for the first time in history.
Based on this scenario, analyze why an economic model that accurately described this society's past would fail to predict its future. What fundamental change occurred that the model did not account for?
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Economics
Social Science
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Economy
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