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The Sources of British Economic Growth since the Industrial Revolution: Not the Same Old Story

Nicholas Crafts ()

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

Abstract: This paper updates the classic growth accounting research of the early 1980s taking account of improved data that has subsequently become available. The picture of long-run growth which results from incorporating many revisions is considerably different. The long-run path of productivity growth is now that of a roller-coaster with twin peaks in the third quarters of the 19th and 20th centuries rather than a U-shape. Productivity growth appears to have been very slow to accelerate in the Industrial Revolution, the notion of an Edwardian climacteric is not persuasive and the current productivity slowdown stands out as unprecedented.

Keywords: Climacteric; Golden Age; Growth Accounting; Industrial Revolution; Productivity Growth; Productivity Puzzle JEL Classification: N13; N14: O47: O52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eff, nep-gro, nep-his and nep-ure
Date: 2019
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