Economy

British economic growth 1856-1973 by R.C.O. Matthews, C. H. Feinstein, J. Odling-Smee

By R.C.O. Matthews, C. H. Feinstein, J. Odling-Smee

A historic account of the path and reasons of British monetary progress from the mid-nineteenth century until eventually 1973, with designated emphasis at the remarkable development after the second one international struggle.

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Which type of question is more helpful toward a better general understanding or toward the resolution of questions of policy is not self-evident. Much depends on the specific question at issue. Some of the underlying patterns of behavior are likely to be more nearly constant over time, others over space. On the one hand, different countries at the same date will have access to the same pool of knowledge and be subject to the same world economic environment. On the other hand, a given country at dates separated by a generation will have many of the same people in the labor force — to say nothing of the children they have brought up and molded — and it will have some of the same stock of physical capital.

In level of productivity the United Kingdom THE RATE OF GROWTH OF TOTAL OUTPUT 21 was at the top in 1870. It was overtaken by the United States soon after that, but remained ahead of most other countries until the postwar period. S. level once the United States had got ahead, and no tendency to converge toward the levels of other countries once they had got ahead. Production and Production Per Man-Year The central concept of production that will be used in this study is gross domestic product at constant factor cost.

An alternative framework is to decompose the growth of income into the growth of the constituent elements of expenditure: C + I + G + X − M. ) The use of such a framework might appear to prejudge the issue in favor of the primacy of exogenous causes on the demand side; but that too is not the case. It leaves entirely 18 THE METHOD, THE PROBLEMS, AND THE PROFILE open the question why the constitutents of expenditure moved over time in the way that they did. The underlying explanation could be either on the demand side or on the supply side, or a mixture of the two.

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