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BritEcGrowth - .. , ,nowlater

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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 3. Imports, however, were smuggled to avoid tax 5.
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