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Post-war Growth: An Overview

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  • Crafts, Nicholas
  • Toniolo, Gianni

Abstract

The paper comprises a thorough survey of the literature on growth in Western Europe since 1950. This experience is put in the context both of long-run historical trends and the ideas emanating from recent work in growth economics. The exceptional nature of the Golden Age (c.1950-73) is confirmed and given an historical interpretation. Catch-up growth is seen as central to this period but not to be a pure neoclassical phenomenon. It is argued that theory has run ahead of measurement and that future research will need to look much more carefully at proxies for human capital formation and at determinants of ex-ante returns on investment.

Suggested Citation

  • Crafts, Nicholas & Toniolo, Gianni, 1995. "Post-war Growth: An Overview," CEPR Discussion Papers 1095, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1095
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    Citations

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    Cited by:

    1. Stephen Nickell & John Van Reenen, 2001. "Technological Innovation and Performance in the United Kingdom," CEP Discussion Papers dp0488, Centre for Economic Performance, LSE.
    2. Popovic, Milenko & Cizmovic, Mirjana, 2013. "The Sources of Growth in the Former SFRY Countries: Comparative Analysis," MPRA Paper 49776, University Library of Munich, Germany.
    3. Ritschl, Albrecht & Straumann, Tobias, 2009. "Business cycles and economic policy, 1914-1945: a survey," Economic History Working Papers 22402, London School of Economics and Political Science, Department of Economic History.
    4. Rotte, Ralph & Zimmermann, Klaus F, 1998. "Fiscal Restraint and the Political Economy of EMU," Public Choice, Springer, vol. 94(3-4), pages 385-406, March.
    5. Sanchís Llopis, M. Teresa, 2005. "Disaggregated productivity growth and technological progress in the interpretation of Spanish economic growth, 1958-1975," IFCS - Working Papers in Economic History.WH dilf0503, Universidad Carlos III de Madrid. Instituto Figuerola.
    6. Lains, Pedro, 2003. "Catching up to the European core: Portuguese economic growth, 1910-1990," Explorations in Economic History, Elsevier, vol. 40(4), pages 369-386, October.
    7. Hall, Stephen & Nixon, James, 2000. "Unemployment and the capital stock: a dynamic structural model of the UK supply side," Economic Modelling, Elsevier, vol. 17(3), pages 415-437, August.
    8. Palle Andersen & David Gruen, 1995. "Macroeconomic Policies and Growth," RBA Annual Conference Volume (Discontinued), in: Palle Andersen & Jacqueline Dwyer & David Gruen (ed.),Productivity and Growth, Reserve Bank of Australia.
    9. Popović, Milenko, 2013. "Sources, Reserves and Convergence of the Serbian Economic Growth - Jobless Growth of the Serbian Economy," EconStor Conference Papers 82824, ZBW - Leibniz Information Centre for Economics.
    10. Eichengreen, Barry & Ritschl, Albrecht, 2008. "Understanding West German economic growth in the 1950s," SFB 649 Discussion Papers 2008-068, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    11. Albrecht Ritschl, 2005. "Der späte Fluch des Dritten Reichs: Pfadabhängigkeiten in der Entstehung der bundesdeutschen Wirtschaftsordnung," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 6(2), pages 151-170, May.
    12. Kramper, Peter, 2000. "From economic convergence to convergence in affluence? Income growth, household expenditure and the rise of mass consumption in Britain and West Germany, 1950-1974," Economic History Working Papers 22382, London School of Economics and Political Science, Department of Economic History.
    13. Barry Eichengreen & Albrecht Ritschl, 2009. "Understanding West German economic growth in the 1950s," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 3(3), pages 191-219, October.

    More about this item

    Keywords

    Economic Growth; Europe; Investment; Productivity Growth;
    All these keywords.

    JEL classification:

    • 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

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