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- Title
Sooner than you think: the Pre-1914 UK Productivity Slowdown was Victorian not Edwardian.
- Authors
Crafts, Nicholas; Mills, Terence C
- Abstract
This paper re-examines UK productivity growth in the decades before World War I using a new dataset compiled by the Bank of England. We find that the productivity slowdown of the early twentieth century was quite modest and does not deserve to be called a climacteric. A more serious slowdown in labour productivity growth occurred in the 1870s. Neither of these episodes should be regarded as a precedent for the current severe deterioration in UK productivity performance. Nor should a late-Victorian productivity slowdown be attributed to the end of the steam age despite the popularity of this belief.
- Subjects
PRODUCTION (Economic theory); PRODUCTIVITY accounting; ECONOMIC conditions in Great Britain; ECONOMIC history; LABOR productivity; BANK of England; TIME series analysis
- Publication
European Review of Economic History, 2020, Vol 24, Issue 4, p736
- ISSN
1361-4916
- Publication type
Article
- DOI
10.1093/ereh/hez022