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Six centuries of British economic growth : a time-series perspective
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Crafts, N. F. R. and Mills, Terence C. (2017) Six centuries of British economic growth : a time-series perspective. European Review of Economic History, 21 (2). pp. 141-158. doi:10.1093/ereh/hew020 ISSN 1361-4916.
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Official URL: http://dx.doi.org/10.1093/ereh/hew020
Abstract
This paper provides a time-series analysis of recent annual estimates of real GDP and industrial output covering 1270–1913. 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.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HC Economic History and Conditions | ||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Economic development -- Great Britain, Gross domestic product -- Great Britain, Great Britain -- Economic conditions, Time-series analysis, Malthusianism, Industrial revolution -- Great Britain | ||||||||
Journal or Publication Title: | European Review of Economic History | ||||||||
Publisher: | Cambridge University Press | ||||||||
ISSN: | 1361-4916 | ||||||||
Official Date: | 1 May 2017 | ||||||||
Dates: |
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Volume: | 21 | ||||||||
Number: | 2 | ||||||||
Page Range: | pp. 141-158 | ||||||||
DOI: | 10.1093/ereh/hew020 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 12 January 2018 | ||||||||
Date of first compliant Open Access: | 22 February 2019 |
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