IDEAS home Printed from https://ideas.repec.org/a/bla/jecsur/v35y2021i3p697-709.html
   My bibliography  Save this article

The Sources Of British Economic Growth Since The Industrial Revolution: Not The Same Old Story

Author

Listed:
  • Nicholas Crafts

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.

Suggested Citation

  • Nicholas Crafts, 2021. "The Sources Of British Economic Growth Since The Industrial Revolution: Not The Same Old Story," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 697-709, July.
    • Handle: RePEc:bla:jecsur:v:35:y:2021:i:3:p:697-709
    DOI: 10.1111/joes.12349
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/joes.12349
    Download Restriction: no
    File URL: https://libkey.io/10.1111/joes.12349?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. N. F. R. Crafts & C. K. Harley, 1992. "Output growth and the British industrial revolution: a restatement of the Crafts-Harley view," Economic History Review, Economic History Society, vol. 45(4), pages 703-730, November.
    2. Jane Humphries & Jacob Weisdorf, 2019. "Unreal Wages? Real Income and Economic Growth in England, 1260–1850," The Economic Journal, Royal Economic Society, vol. 129(623), pages 2867-2887.
    3. Temin, Peter, 2002. "The Golden Age of European growth reconsidered," European Review of Economic History, Cambridge University Press, vol. 6(1), pages 3-22, April.
    4. Nicholas Crafts, 2004. "Steam as a general purpose technology: A growth accounting perspective," Economic Journal, Royal Economic Society, vol. 114(495), pages 338-351, April.
    5. Alexandra M. de Pleijt, 2018. "Human capital formation in the long run: evidence from average years of schooling in England, 1300–1900," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 12(1), pages 99-126, January.
    6. Broadberry,Stephen & Campbell,Bruce M. S. & Klein,Alexander & Overton,Mark & van Leeuwen,Bas, 2015. "British Economic Growth, 1270–1870," Cambridge Books, Cambridge University Press, number 9781107070783, January.
    7. E. H. Phelps Brown & S. J. Handfield-Jones, 1952. "THE CLIMACTERIC OF THE 1890's: A STUDY IN THE EXPANDING ECONOMY," Oxford Economic Papers, Oxford University Press, vol. 4(3), pages 266-307.
    8. Bergeaud, A. & Cette, G. & Lecat, R., 2015. "Productivity trends from 1890 to 2012 in advanced countries," Rue de la Banque, Banque de France, issue 07, June..
    9. Thomas, Mark, 1988. "Slowdown in the Pre-World War One Economy," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 4(1), pages 14-24, Spring.
    10. Nicholas Crafts, 2018. "The productivity slowdown: is it the ‘new normal’?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 34(3), pages 443-460.
    11. Antonin Bergeaud & Gilbert Cette & Rémy Lecat, 2016. "Productivity Trends in Advanced Countries between 1890 and 2012," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(3), pages 420-444, September.
    12. John W. Kendrick, 1961. "Productivity Trends in the United States," NBER Books, National Bureau of Economic Research, Inc, number kend61-1.
    13. repec:oup:econjl:v:129:y:2019:i:10:p:2867-2887. is not listed on IDEAS
    14. Gerben Bakker & Nicholas Crafts & Pieter Woltjer, 2019. "The Sources of Growth in a Technologically Progressive Economy: The United States, 1899–1941," The Economic Journal, Royal Economic Society, vol. 129(622), pages 2267-2294.
    15. Voth, Hans-Joachim, 2001. "The Longest Years: New Estimates Of Labor Input In England, 1760–1830," The Journal of Economic History, Cambridge University Press, vol. 61(4), pages 1065-1082, December.
    16. Crafts, Nicholas, 2014. "Productivity Growth during the British Industrial Revolution: Revisionism Revisited," CAGE Online Working Paper Series 204, Competitive Advantage in the Global Economy (CAGE).
    17. Crafts, N F R & Leybourne, S J & Mills, Terence C, 1989. "The Climacteric in Late Victorian Britain and France: A Reappraisal of the Evidence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 4(2), pages 103-117, April-Jun.
    18. Feinstein, Charles H., 1998. "Pessimism Perpetuated: Real Wages and the Standard of Living in Britain during and after the Industrial Revolution," The Journal of Economic History, Cambridge University Press, vol. 58(3), pages 625-658, September.
    19. Oulton, Nicholas & Wallis, Gavin, 2016. "Capital stocks and capital services: Integrated and consistent estimates for the United Kingdom, 1950–2013," Economic Modelling, Elsevier, vol. 54(C), pages 117-125.
    20. Richard Stone & D. G. Champernowne & J. E. Meade, 1942. "The Precision of National Income Estimates," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 9(2), pages 111-125.
    21. anonymous, 2011. "The inflation issue," Forefront, Federal Reserve Bank of Cleveland, issue Spring, pages 1-32.
    22. DONALD N. McCLOSKEY, 1970. "Did Victorian Britain Fail?," Economic History Review, Economic History Society, vol. 23(3), pages 446-459, December.
    23. Solomou, Solomos & Weale, Martin, 1991. "Balanced estimates of UK GDP 1870-1913," Explorations in Economic History, Elsevier, vol. 28(1), pages 54-63, January.
    24. Venetia Bell & Pablo Burriel-Llombart & Jerry Jones, 2005. "A quality-adjusted labour input series for the United Kingdom (1975-2002)," Bank of England working papers 280, Bank of England.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jagjit S. Chadha & Issam Samiri, 2022. "Macroeconomic Perspectives on Productivity," Working Papers 030, The Productivity Institute.
    2. Ravshonbek Otojanov & Roger Fouquet & Brigitte Granville, 2023. "Factor prices and induced technical change in the industrial revolution," Economic History Review, Economic History Society, vol. 76(2), pages 599-623, May.
    3. Leandro Prados de la Escosura & Tamás Vonyó & Ilya B. Voskoboynikov, 2021. "Accounting For Growth In History," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 655-669, July.
    4. Kyoji Fukao & Tatsuji Makino & Tokihiko Settsu, 2021. "Human Capital And Economic Growth In Japan: 1885–2015," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 710-740, July.
    5. Martin Fleming, 2021. "Productivity Growth and Capital Deepening in the Fourth Industrial Revolution," Working Papers 010, The Productivity Institute.
    6. Crafts, Nicholas, 2021. "What Can We Learn from the UK’s Post-1945 Economic Reforms?," The Warwick Economics Research Paper Series (TWERPS) 1370, University of Warwick, Department of Economics.
    7. Nicholas Crafts & Pieter Woltjer, 2021. "Growth Accounting In Economic History: Findings, Lessons And New Directions," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 670-696, July.
    8. Nicholas Crafts, 2021. "What can we learn from the United Kingdom’s post‐1945 economic reforms?," Economic Affairs, Wiley Blackwell, vol. 41(3), pages 354-376, October.
    9. Nicholas Crafts, 2021. "Understanding productivity growth in the industrial revolution," Economic History Review, Economic History Society, vol. 74(2), pages 309-338, May.
    10. repec:cte:whrepe:33369 is not listed on IDEAS

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nicholas Crafts, 2021. "Understanding productivity growth in the industrial revolution," Economic History Review, Economic History Society, vol. 74(2), pages 309-338, May.
    2. Nicholas Crafts, 2022. "Slow real wage growth during the Industrial Revolution: productivity paradox or pro-rich growth? [Engels’ pause: technical change, capital accumulation, and inequality in the British industrial rev," Oxford Economic Papers, Oxford University Press, vol. 74(1), pages 1-13.
    3. Ravshonbek Otojanov & Roger Fouquet & Brigitte Granville, 2023. "Factor prices and induced technical change in the industrial revolution," Economic History Review, Economic History Society, vol. 76(2), pages 599-623, May.
    4. Nicholas Crafts & Pieter Woltjer, 2021. "Growth Accounting In Economic History: Findings, Lessons And New Directions," Journal of Economic Surveys, Wiley Blackwell, vol. 35(3), pages 670-696, July.
    5. Crafts, Nicholas & Mills, Terence C., 2020. "Is The Uk Productivity Slowdown Unprecedented?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 251, pages 47-53, February.
    6. Crafts, Nicholas & Mills, Terence C., 2019. "The Pre-1914 UK Productivity Slowdown: A Reappraisal," The Warwick Economics Research Paper Series (TWERPS) 1221, University of Warwick, Department of Economics.
    7. Robert Allen & Robert C. Allen, 2007. "Engel`s Pause: A Pessimist`s Guide to the British Industrial Revolution," Economics Series Working Papers 315, University of Oxford, Department of Economics.
    8. Jaume Ventura & Hans-Joachim Voth, 2015. "Debt into growth: How sovereign debt accelerated the first Industrial Revolution," Economics Working Papers 1483, Department of Economics and Business, Universitat Pompeu Fabra.
    9. Morgan Kelly & Joel Mokyr & Cormac Ó Gráda, 2023. "The Mechanics of the Industrial Revolution," Journal of Political Economy, University of Chicago Press, vol. 131(1), pages 59-94.
    10. Crafts, Nicholas & Mills, Terence C., 2004. "Was 19th century British growth steam-powered?: the climacteric revisited," Explorations in Economic History, Elsevier, vol. 41(2), pages 156-171, April.
    11. Kelly, Morgan & Grada, Cormac O, 2015. "Adam Smith, Watch Prices, and the Industrial Revolution," CAGE Online Working Paper Series 220, Competitive Advantage in the Global Economy (CAGE).
    12. Horrell, Sara & Humphries, Jane & Weisdorf, Jacob, 2020. "Malthus's missing women and children: demography and wages in historical perspective, England 1280-1850," European Economic Review, Elsevier, vol. 129(C).
    13. Nico Voigtländer & Hans-Joachim Voth, 2006. "Why England? Demographic factors, structural change and physical capital accumulation during the Industrial Revolution," Journal of Economic Growth, Springer, vol. 11(4), pages 319-361, December.
    14. Gregory Clark, 2010. "The macroeconomic aggregates for England, 1209–2008," Research in Economic History, in: Research in Economic History, pages 51-140, Emerald Group Publishing Limited.
    15. Rota, Mauro & Weisdorf, Jacob, 2019. "Expensive Labour and the Industrial Revolution: Evidence from Stable Employment in Rural Areas," CAGE Online Working Paper Series 442, Competitive Advantage in the Global Economy (CAGE).
    16. Daniel Gallardo-Albarrán, 2024. "Capital, Productivity, and Human Welfare Since 1870," Springer Books, in: Claude Diebolt & Michael Haupert (ed.), Handbook of Cliometrics, edition 3, pages 2023-2048, Springer.
    17. Stephen Broadberry, 2024. "British Economic Growth and Development," Springer Books, in: Claude Diebolt & Michael Haupert (ed.), Handbook of Cliometrics, edition 3, pages 951-986, Springer.
    18. Crafts, Nicholas & O’Rourke, Kevin Hjortshøj, 2014. "Twentieth Century Growth*This research has received funding from the European Research Council under the European Union’s Seventh Framework Programme (FP7/2007-2013) / ERC grant agreement no. 249546.," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 2, chapter 6, pages 263-346, Elsevier.
    19. Crafts, Nicholas, 2014. "Productivity Growth during the British Industrial Revolution: Revisionism Revisited," CAGE Online Working Paper Series 204, Competitive Advantage in the Global Economy (CAGE).
    20. C. Knick Harley, 2013. "British and European Industrialization," Oxford Economic and Social History Working Papers _111, University of Oxford, Department of Economics.

    More about this item

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jecsur:v:35:y:2021:i:3:p:697-709. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.