James Pethokoukis of AEI says that this is the most important economic chart in Western civilization. I completely agree.
The concept is so important that no student should receive a passing grade in any economics class—whether in high school or college—unless they can explain why economic growth matters (ideally, every educated Christian would be able to do so too since it has theological implications).
Yet, sadly, few Americans recognize its importance despite the fact, as Pethokoukis notes, that in real terms, the average income of Americans over the past two centuries went from $2,000 per person to $50,000. Pethokoukis credits the change to a shift in thinking: Respect and reward innovators and innovation. He includes a great quote by Deirdre McCloskey on how the West became a business-admiring civilization: