Economic growth remains one of the most debated topics in macroeconomics since Solow’s (1956) breakthrough paper. Understanding the sources of economic growth has remained a priority for economists. According to Madison Historical Statistics, from the beginning of the Christian era until the nineteenth century, the world’s GDP per capita showed little variation. Over a span of almost 1800 years, GDP per capita increased by only 42% (see Fig. 12.1). However, this stagnant trend began to shift with the onset of the Industrial Revolution in England at the end of the eighteenth century, subsequently spreading worldwide during the nineteenth century.