Economic Problem Solution Essay

Economic Problem Solution Essay-69
And the power of compound interest over two hundred years is such as to stagger the imagination.

And the power of compound interest over two hundred years is such as to stagger the imagination.Let me give in illustration of this a sum which I have worked out.What can we reasonably expect the level of our economic life to be a hundred years hence? Almost everything which really matters and which the world possessed at the commencement of the modern age was already known to man at the dawn of history.

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At the same time technical improvements in manufacture and transport have been proceeding at a greater rate in the last ten years than ever before in history.

In the United States factory output per head was 40 per cent greater in 1925 than in 1919.

Queen Elizabeth was a considerable shareholder in the syndicate which had financed the expedition.

Out of her share she paid off the whole of England’s foreign debt, balanced her Budget, and found herself with about 40,000 in hand.

In Europe we are held back by temporary obstacles, but even so it is safe to say that technical efficiency is increasing by more than 1 per cent per annum compound.

There is evidence that the revolutionary technical changes, which have so far chiefly affected industry, may soon be attacking agriculture.

The growth of capital has been on a scale which is far beyond a hundredfold of what any previous age had known.

And from now on we need not expect so great an increase of population.

6d., when we might, if we were more sensible, have 1; yet, nevertheless, the 18s. mounts up to as much as the 1 would have been five or six years ago.

We forget that in 1929 the physical output of the industry of Great Britain was greater than ever before, and that the net surplus of our foreign balance available for new foreign investment, after paying for all our imports, was greater last year than that of any other country, being indeed 50 per cent greater than the corresponding surplus of the United States.


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