Does History have Useful Economics? Lessons from Europe’s Golden Age (1950–73)

Gianni Toniolo

Chapter 5 in Contemporary Economic Issues, 1998, pp 83-101 from Palgrave Macmillan

Abstract: Abstract Between 1890 and 1992, the real GDP of Western Europe grew at an average annual rate of 2.3 per cent, or 1.7 per cent per annum per capita. This performance is roughly consistent with Kuznets’ expectations about the secular trend in ‘modern economic growth.’ If, however, as in Table 5.1, this past century is divided into four intervals, only the first (1890–1913) and the last (1973–92) exhibit growth rates that are roughly equal to the average for the whole period. The other two subsets are far off the average in a spectacular way: during 1913–50 the European economy distinctly underperformed while the opposite was the case in 1950–73 when product and productivity grew at rates never before or since experienced.

Keywords: Human Capital; Total Factor Productivity; Growth Theory; Total Factor Productivity Growth; Growth Accounting (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1007/978-1-349-26188-8_5

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