The unprecedented increase in living standards in the industrialized countries over the last two centuries is the result of

Question

Quizplus · Accepted Answer

The increase in living standards in industrialized countries has been largely driven by growth in labor productivity. This means that workers are able to produce more goods and services per unit of time, which has resulted in higher wages and increased purchasing power for consumers. Other factors, such as technological advancements and improvements in infrastructure, have also contributed to this growth in productivity.

The Unprecedented Increase in Living Standards in the Industrialized Countries