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The Constitution of Innovation

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In 1945, Europe was ruined. Average incomes were 22 percent lower than the United States at the start of the war; by the end that gap had grown to 75 percent. These economies were different in kind, too. In 1950, for every farmer in America there were 2.7 manufacturing workers, compared to just 1.3 in Germany and 0.92 in France.1 1. From the GGDC 10-Sector Database. But rather than stay poorer, as one might have expected, Europe rapidly rebuilt itself. Not just did it reach its previous levels of development within nine years, it then blew past them. Even though the decades after the war saw some of the fastest growth in American history, Europe grew much faster. In thirty years after 1950, the core European economies grew so fast that consumption per capita tripled while their citizens worked 400 fewer hours per year.2 2. Bergeaud, Antonin, Gilbert Cette, and Rémy Lecat. Productivity trends in advanced countries between 1890 and 2012, Review of Income and Wealth 62, no. 3 (2016): 420-

The Constitution of Innovation The Constitution of Innovation A New European Renaissance By Luis Garicano, Bengt Holmström & Nicolas Petit · Nov 10, 2025 a. London School of Economics b. MIT c. European University Institute View as PDF Introduction In 1945, Europe was ruined. Average incomes were 22 percent lower than the United States at the start of the war; by the end that gap had grown to 75 percent. These economies were different in kind, too. In 1950, for every farmer in America there were 2.7 manufacturing workers, compared to just 1.3 in Germany and 0.92 in France. 1 1 . From the GGDC

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