Some countries may have high GDP per capita but a small population which usually means they have built up a self-sufficient economy based on an abundance of special resources.
Before the modern era of economic growth the economy worked very differently. Global analysis of per capita GDP helps provide comparable insight on economic prosperity and economic developments across the globe.
The derivation of the two new series allows for researchers to avoid any series-specific biases that may exist. GDP per capita in European economies 6 Economic growth over the long run Data on economic growth is now routinely published by statistical offices, but researchers have had to reconstruct accounts of the economic productivity for the past.
GDP Per Capita. It expects little change in the rankings of the top ten countries as sluggish growth data is trending across the globe. There is just one truly important event in the economic history of the world, the onset of economic growth.
This combination of issues means that any study involving the use of GDP per capita can be subject to significant variation and completeness depending on the sources used and on the country-time period of interest. This is not a problem for most advanced economies, as their tepid pace of economic growth can still outpace their population growth rates.
What happened as a consequence of these innovations were indeed increases in productivity, and the output increases led to increased prosperity. However, not all of this income necessarily ends up in the purse of households.