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Path to Economic History
- Deirdre McCloskey's interest in history started in childhood, but long, boring books in college led her to economics.
- Graduate school at Harvard, influenced by Alexander Gerschenkron, brought her back to economic history.
The Great Enrichment
- The Great Enrichment, a term coined by Deirdre McCloskey, describes the dramatic increase in living standards since 1800.
- This period saw a shift from a historical average of $2-3/day to significantly higher levels, such as $120/day in Ireland.
Capital: A Gear, Not the Spring
- Capital accumulation is necessary but not the primary driver of economic growth.
- Deirdre McCloskey argues that capital is a gear, not the spring, of economic progress, and that ideas are the true drivers of wealth.