This only explains why Europeans had a relatively higher standard of living over the centuries. It does not offer an explanation for why Europe shot ahead of the rest of the world spectacularly in the 19th century.
That question is addressed in A Farewell to Alms. It will never get much popular air time because the conclusion is basically eugenic forces. The most economically productive people had the most children in Europe, and this was not true in the rest of the world.