Six Centuries of British Economic Growth: a Time-Series Perspective

Nicholas Crafts and Terence C. Mills
Additional contact information
Terence C. Mills: Loughborough University

CAGE Online Working Paper Series from Competitive Advantage in the Global Economy (CAGE)

Abstract: This paper provides a time-series analysis of recent annual estimates of real GDP and industrial output covering 1270 to 1913. We show that growth can be regarded as a segmented trend stationary process. On this basis, we find that trend growth of real GDP per person was zero prior to the 1660s but then experienced two significant accelerations, pre- and post-industrial revolution. We also find that the hallmark of the industrial revolution is a substantial increase in the trend rate of growth of industrial output rather than being an episode of difference stationary growth.

Keywords: growth reversal; industrial revolution; Malthusian model; trend growth JEL Classification: N13; O47 (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-evo, nep-gro, nep-his and nep-tid
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www2.warwick.ac.uk/fac/soc/economics/resear ... /297-2016_crafts.pdf

Related works:
Journal Article: Six centuries of British economic growth: a time-series perspective (2017)
Working Paper: Six Centuries of British Economic Growth: a Time-Series Perspective (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cge:wacage:297

Access Statistics for this paper

More papers in CAGE Online Working Paper Series from Competitive Advantage in the Global Economy (CAGE) Contact information at EDIRC.
Bibliographic data for series maintained by Jane Snape ().