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Transition to modern growth in Great Britain: The role of technological progress, adult mortality and factor accumulation

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  • Fiaschi, Davide
  • Fioroni, Tamara

Abstract

This paper proposes a framework inspired by the Unified Growth Theory and by the literature on structural change to assess the contribution of technology, adult mortality, workforce, and physical and human capital accumulation to the transition from Malthusian stagnation to modern growth. A calibrated version of the model is capable of reproducing the dynamics of Great Britain's (i.e. England, Wales and Scotland) economy during the period 1541–1914, matching both the timing of transition and the pattern of the main macroeconomic and demographic variables. Technological progress emerges as the prime mover until 1850, while thereafter the reduction in adult mortality and factors accumulation play the major role.

Suggested Citation

  • Fiaschi, Davide & Fioroni, Tamara, 2019. "Transition to modern growth in Great Britain: The role of technological progress, adult mortality and factor accumulation," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 472-490.
    • Handle: RePEc:eee:streco:v:51:y:2019:i:c:p:472-490
    DOI: 10.1016/j.strueco.2019.02.007
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    More about this item

    Keywords

    Unified Growth Theory; Human capital; Mortality; Demographic transition; Industrial Revolution; Structural change;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • I20 - Health, Education, and Welfare - - Education - - - General

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