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British Episodic Economic Growth 1850-1938

Author

Listed:
  • S. Solomou
  • C. A. Ristuccia

Abstract

This paper argues that non-random measurement errors in the estimates of British Gross Domestic Product makes the compromise estimate a biased indicator of medium-term economic growth. Since the compromise estimate of GDP has been widely accepted and used to describe macroeconomic trends in the British economy this has resulted in descriptions of British economic growth that are best explained as statistical artifacts. This paper questions the existence of an “Edwardian Climacteric”, argues for a rethinking of the myth of the “Great Depression” and offers new insights on inter-war economic growth.

Suggested Citation

  • S. Solomou & C. A. Ristuccia, 2002. "British Episodic Economic Growth 1850-1938," Cambridge Working Papers in Economics 0208, Faculty of Economics, University of Cambridge.
    • Handle: RePEc:cam:camdae:0208
    Note: EH
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    File URL: http://www.econ.cam.ac.uk/research-files/repec/cam/pdf/wp0208.pdf
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    References listed on IDEAS

    as
    1. Paul A. David & Gavin Wright, 1999. "Early Twentieth Century Productivity Growth Dynamics: An Inquiry into the Economic History of "Our Ignorance"," Oxford University Economic and Social History Series _033, Economics Group, Nuffield College, University of Oxford.
    2. David, Paul A., 1989. "COMPUTER AND DYNAMO: The Modern Productivity Paradox in a Not-Too Distant Mirror," Economic Research Papers 268373, University of Warwick - Department of Economics.
    3. Paul David & Gavin Wright, 1999. "Early Twentieth Century Productivity Growth Dynamics: An Inquiry into the Economic History of Our Ignorance," Oxford Economic and Social History Working Papers _033, University of Oxford, Department of Economics.
    4. Harvey, A C, 1985. "Trends and Cycles in Macroeconomic Time Series," Journal of Business & Economic Statistics, American Statistical Association, vol. 3(3), pages 216-227, June.
    5. Charles H. Feinstein & Mark Thomas, 2001. "A Plea for Errors," Oxford Economic and Social History Working Papers _041, University of Oxford, Department of Economics.
    6. Charles H. Feinstein & Mark Thomas, 2001. "A Plea for Errors," Economics Series Working Papers 2001-W41, University of Oxford, Department of Economics.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Economic History; Economic Growth; Economic Cycles;
    All these keywords.

    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-
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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