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- Title
British Economic Growth, 1700-1831: A Review of the Evidence.
- Authors
Crafts, N. F. R.
- Abstract
The article presents some revisions in respect of industrial output growth from 1700 to 1831 in Great Britain and of agricultural output growth after 1760 and, more importantly, integrates the revisions of various authors to reveal their implications for the description of macroeconomic growth during the classic industrialization phase. During the industrial revolution era, growth was substantially slower during the years 1780-1831 than is believed by conventional wisdom. The best guesses for the growth rates of real national product are 1.32 per cent per year for 1780-1801 and 1.97 per cent for 1801-31, rather than the 2.06 per cent and 3.06 per cent respectively. The economy did not reach a sustained rate of growth of 2 per cent per year until the 1820s. The economy did not experience a take-off in the last two decades of the eighteenth century. The pace of growth quickened at that time, but not dramatically so. The investment ratio rose by about 1 per cent of national income and total factor productivity growth rose by about 0.15 per cent per year compared with 1700 to 1760.
- Subjects
UNITED Kingdom; ECONOMIC conditions in Great Britain; INDUSTRIAL productivity; AGRICULTURAL productivity; MACROECONOMICS; INDUSTRIALIZATION
- Publication
Economic History Review, 1983, Vol 36, Issue 2, p177
- ISSN
0013-0117
- Publication type
Article
- DOI
10.2307/2595919