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English Economic Growth, 1270-1700

Author

Listed:
  • Broadberry, Stephen

    (University of Warwick)

  • Campbell, Bruce

    (Queen’s University, Belfast)

  • Klein, Alexander

    (University of Warwick)

  • Overton, Mark

    (University of Exeter)

  • Van Leeuwen, Bas

    (University of Warwick)

Abstract

This paper provides the first annual GDP series for Great Britain over the period 1700-1870. The series is constructed in real terms from the output side, using volume indicators and value added weights. Sectoral estimates are provided for agriculture, industry and services, and for a number of sub-sectors. Estimates of nominal GDP are also provided, based on a benchmark for 1841 and projected back to 1700 and forward to 1870 using the real output series and sectoral price indices. The new data are used to provide a consistent account of economic growth and the business cycle. The results are broadly consistent with the long run path of real output suggested by Crafts and Harley, although growth rates for sub-periods differ, largely as a result of changes in the growth of agriculture. Nominal GDP increased more rapidly than suggested by Lindert and Williamson during the eighteenth century, and more slowly than suggested by Deane and Cole during the first half of the nineteenth century, as a result of differences in the price indices. We also refine the business cycle chronologies of Ashton and Gayer, Rostow and Schwartz.

Suggested Citation

  • Broadberry, Stephen & Campbell, Bruce & Klein, Alexander & Overton, Mark & Van Leeuwen, Bas, 2010. "English Economic Growth, 1270-1700," CAGE Online Working Paper Series 21, Competitive Advantage in the Global Economy (CAGE).
    • Handle: RePEc:cge:wacage:21
    as

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    File URL: https://warwick.ac.uk/fac/soc/economics/research/centres/cage/manage/publications/21.2010_broadberry_complete.pdf
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    References listed on IDEAS

    as
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    2. de Vries, Jan, 1994. "The Industrial Revolution and the Industrious Revolution," The Journal of Economic History, Cambridge University Press, vol. 54(2), pages 249-270, June.
    3. Broadberry,Stephen & O'Rourke,Kevin H., 2010. "The Cambridge Economic History of Modern Europe," Cambridge Books, Cambridge University Press, number 9780521708395.
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    10. F. J. Fisher, 1950. "London'S Export Trade In The Early Seventeenth Century," Economic History Review, Economic History Society, vol. 3(2), pages 151-161, December.
    11. Broadberry, Stephen & Van Leeuwen, Bas, 2010. "British Economic Growth and the Business Cycle, 1700-1870: Annual Estimates," CAGE Online Working Paper Series 20, Competitive Advantage in the Global Economy (CAGE).
    12. Peter King, 2005. "The production and consumption of bar iron in early modern England and Wales," Economic History Review, Economic History Society, vol. 58(1), pages 1-33, February.
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    Cited by:

    1. Davide Fiaschi & Tamara Fioroni, 2014. "Transition to Modern Growth: the Role of Technological Progress and Adult Mortality," Discussion Papers 2014/186, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    2. Broadberry, Stephen & Gupta, Bishnupriya, 2010. "Indian GDP Before 1870: Some Preliminary Estimates and a Comparison with Britain," CEPR Discussion Papers 8007, C.E.P.R. Discussion Papers.
    3. Alexandra M. de Pleijt, 2011. "The Role of Human Capital in the Process of Economic Development: The Case of England, 1307-1900," Working Papers 0021, Utrecht University, Centre for Global Economic History.

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