British economic growth during the industrial revolution
In recent years, traditional views of a rapidly growing British economy between 1700 and 1850 have been overturned by convincing new research indicating that British economic growth was, in fact, relatively slow during much of the so-called industrial "revolution". This revisionist work, which is certain to profoundly affect any future scholarship on the subject, is the first to give a fully documented account of the new picture of British economic development that has recently emerged. Bringing together the results of the latest research, Crafts explores how the new growth estimates hold vital implications for our understanding of productivity, living standards, structural change, and international trade in 18th- and 19th-century Britain.
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Estimates of Economic Growth
Britain in a European
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argued argument average Britain calculations capital accumulation capital formation cent Chapter Cole's estimates commerce comparative advantage cotton countries crude current prices Deane and Cole derived discussion domestic earlier early nineteenth century economic growth economic historians eighteenth century England and Wales European Norm evidence exports factors of production force in agriculture growth rate higher human capital important income level income per head increase indices indifference curve industrial output industrial revolution international trade interwar investment Keynesian labour force labour productivity Lindert and Williamson's living debate manufacturing McCloskey measured Natio2l national income national output Nevertheless noted output growth overall Percentage period population growth production possibility frontiers productivity growth proportion rate of growth real income real wage growth relative prices Section seems share shows social tables Source structural change substantial suggests terms of trade textiles total factor total factor-productivity growth unemployment weights West Midlands whilst Williamson
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