Unified Growth Theory Contradicted by the Economic Growth in Europe

Ron W Nielsen

Papers from arXiv.org

Abstract: Historical economic growth in Western and Eastern Europe is analysed. These regions should have produced the best and the most convincing confirmation of the Unified Growth Theory because they, and in particular Western Europe, were the centre of the Industrial Revolution, which according to Galor was the prime engine of economic growth. However, the data for Western and Eastern Europe show a remarkable disagreement with the Unified Growth Theory. There is no connection, whatever, between the data and the Unified Growth Theory. The data show that there was never a transition from stagnation to growth because there was no stagnation. Industrial Revolution, which should have the strongest influence in these regions, had absolutely no impact on changing the economic growth trajectories. The alleged remarkable or stunning escape from Malthusian trap did not happen because there was no trap. Unified Growth Theory does not explain the mechanism of the economic growth because its explanations are based on mythical features, which did not exist, the features contradicted by data. This theory needs to be either thoroughly revised or most likely replaced by a theory supported by a professional analysis of economic growth data.

Date: 2015-12, Revised 2016-02
New Economics Papers: this item is included in nep-his
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