IDEAS home Printed from https://ideas.repec.org/a/cup/jechis/v57y1997i04p957-960_01.html
   My bibliography  Save this article

Endogenous Growth, Trend Output, and the Industrial Revolution: Reply to Crafts and Mills

Author

Listed:
  • Greasley, David
  • Oxley, Les

Abstract

The origins of this exchange stem from an important paper by N. F. R. Crafts, Steven Leybourne, and Terence Mills, which argues that underlying trends in British industrial output for the period 1700 to 1913 are stochastic rather than linearly deterministic. Using parsimonious methods, we propose an alternative view that the output series have alternating stochastic properties. Specifically we distinguish the period 1780 to 1851 as an Industrial Revolution epoch during which shocks had long-term effects. Out model simplifies to help understand the complexities of the Industrial Revolution, and we agree with Clive Granger and Zhuanxin Ding, that “While it is correct to search over a specific set of parsimonious models … the model so achieved is, at best, an approximation to the truth†.

Suggested Citation

  • Greasley, David & Oxley, Les, 1997. "Endogenous Growth, Trend Output, and the Industrial Revolution: Reply to Crafts and Mills," The Journal of Economic History, Cambridge University Press, vol. 57(4), pages 957-960, December.
    • Handle: RePEc:cup:jechis:v:57:y:1997:i:04:p:957-960_01
    as

    Download full text from publisher

    File URL: https://www.cambridge.org/core/product/identifier/S0022050700019616/type/journal_article
    File Function: link to article abstract page
    Download Restriction: no
    ---><---

    Citations

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


    Cited by:

    1. David Greasley & Les Oxley, 2010. "Cliometrics And Time Series Econometrics: Some Theory And Applications," Journal of Economic Surveys, Wiley Blackwell, vol. 24(5), pages 970-1042, December.

    More about this item

    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:cup:jechis:v:57:y:1997:i:04:p:957-960_01. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Kirk Stebbing (email available below). General contact details of provider: https://www.cambridge.org/jeh .

    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.