The Evolution of Wealth

Up until about the 1850s, or 18 early 1800s, it was about 1% a year in real terms. And then sometime around the early 19th century, it doubled to 2%. The question he always posited to all of us and effectively his students is why did it double? It's a very interesting question. Fossil fuels are compounded. I mean, you get a lot out of a barrel of oil. Well, but the point that North was making the best answer he had was that we did have sound money during from the early19th century up until the formation of the Civil Reserve.