Feinstein Fulfilled: Updated Estimates of UK GDP 1841-1920

Solomos Solomou () and Ryland Thomas

No ESCOE-TR-04, Economic Statistics Centre of Excellence (ESCoE) Technical Reports from Economic Statistics Centre of Excellence (ESCoE)

Abstract: This paper attempts to bring together some of the improvements to C19th national income estimates since the publication of Charles Feinstein’s 1972 volume National Income, Expenditure and Output of the United Kingdom, 1855-1965. Most of the improvements and refinements were made by Feinstein himself and this paper makes a start in bringing the different elements together focusing chiefly on reconstructing the income-ased estimates, but also outlining where improvements might be made on the output and expenditure sides. We have also incorporated the improvements of other scholars and provided a new set of benchmark compromise estimates. We compare the productivity puzzle of the late C19th and early C20th with that of a similar puzzle observed since the Great Financial Crisis and show that many similar measurement issues are present in both episodes. In particular, we argue that further investigation of the GDP deflator and its sub- components over the 1841-1920 period is warranted.

Keywords: Economic History; Economic Growth; Economic Cycles (search for similar items in EconPapers)
JEL-codes: E01 N13 O47 (search for similar items in EconPapers)
Date: 2019-08
New Economics Papers: this item is included in nep-his and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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