BritEcGrowth

BritEcGrowth - BritishEconomicGrowth

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
British Economic Growth 0. “. .it is only since the 18th c. that the regular expansion of the total output of goods and services, in both absolute and per capita terms, has become characteristic of the economic order.” Acceleration of growth 1. Early view that this happened at or before 1760, now later 2. 1780 also often given as turning point - but perhaps only for a small sector (industry) because Britain not fully industrialized at that point 3. Dean and Cole use contemporary estimates of national income - found not that growth in output perhaps accelerated slower than once thought after 1780 Trade Statistics 4. Records of foreign trade - 18th c. 0. 1/3 of output sent overseas - making up 85% of value of domestic exports even early 1700s 1. Detailed annual accounts 1697 ff 2. Series mainly at constant prices 0. Issue of ability to compare these prices over time 1. Quantities in these records may be off 2. BUT . . . Not seriously off due to smuggling in exports since no export taxes
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/17/2009 for the course ECON 4514 taught by Professor Shuie during the Spring '08 term at Colorado.

Page1 / 3

BritEcGrowth - BritishEconomicGrowth

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online