ABSTRACT
Economic growth is considered a normal phenomenon in developed econo-
mies. However, economic stagnation has been the norm for long periods of history. Per capita income in Western Europe was stagnant or even regressed in
the first millennium (Maddison, 2001) and was below that of Africa, Asia and
Japan in the year 1000. Many African, Eastern European and Latin American
economies in our times have experienced zero growth or even decline.
