Question

How might the emergence and evolution of economic thought be important to the increase in western European living standards, as characterized by the Angus Maddison data? (3 paragraphs)

Answer 1

The greater dynamic of Western eroup grew faster than the rest

In the eleventh and twelveth centuries the urban trading centers emerged with autonomous property . New financial and banking institution provides access to credit and insurance and large scale business organization through Western Europe. They became a standard features of modern capitalism .

The spread of University education and creation of academies of science unleashed a Promethean advance of secular knowledge for later technological development the first European University Bologna was founded

Advance in maritime technology and navigation techniques revolutionised euripEur knowledge of world geography . The discovery of the American , new routes around Africa to Asia navigation of the globe led to the development of merchant capitalism and European settlers.  

A distinctive feature was the emergence of nation states in close with significant trading relation and relatively easy intellectual interchanging in spite of linguistic difference . And different culture and environment we're option open to adventurous , innovation minds . This was the reason why the pace of economic advance was fairly grow within westren europE.