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Four Centuries of British Economic Growth: The Roles of Technology and Population

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  • Jakob B. Madsen
  • James B. Ang
  • Rajabrata Banerjee
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    Abstract

    Using long historical data for Britain over the period 1620-2006, this paper seeks to explain the importance of innovative activity, population growth and other factors in inducing the transition from the Malthusian trap to the post-Malthusian growth regime. Furthermore, the paper tests the ability of two competing second-generation endogenous growth models to account for the British growth experience. The results suggest that innovative activity was an important force in shaping the Industrial Revolution and that the British growth experience is consistent with Schumpeterian growth theory.

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    File URL: http://www.buseco.monash.edu.au/units/dru/papers/working-papers-10/1003centuriesmadsenangbanerjee.pdf
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    Bibliographic Info

    Paper provided by Monash University, Department of Economics in its series Development Research Unit Working Paper Series with number 03-10.

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    Length: 49 pages
    Date of creation: May 2010
    Date of revision:
    Handle: RePEc:mos:moswps:2010-03

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    Postal: Department of Economics, Monash University, Victoria 3800, Australia
    Phone: +61-3-9905-2493
    Fax: +61-3-9905-5476
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    Web page: http://www.buseco.monash.edu.au/eco/
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    Related research

    Keywords: endogenous growth; British Industrial Revolution;

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    Cited by:
    1. John Foster, 2014. "Energy, knowledge and economic growth," Journal of Evolutionary Economics, Springer, Springer, vol. 24(2), pages 209-238, April.
    2. Colin Davis & Ken-ichi Hashimoto, 2012. "R&D Subsidies, International Knowledge Dispersion, and Fully Endogenous Productivity Growth," Discussion Papers, Graduate School of Economics, Kobe University 1214, Graduate School of Economics, Kobe University.
    3. Holger Strulik, 2012. "From Worship to Worldly Pleasures: Secularization and Long-Run Economic Growth," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers, Courant Research Centre PEG 116, Courant Research Centre PEG.
    4. Colin Davis & Ken-ichi Hashimoto, 2014. "Industry Concentration, Knowledge Diffusion, and Economic Growth Without Scale Effects," Discussion Papers, Graduate School of Economics, Kobe University 1408, Graduate School of Economics, Kobe University.
    5. Strulik, Holger & Prettner, Klaus & Prskawetz, Alexia, 2012. "The past and future of knowledge-based growth," Center for European, Governance and Economic Development Research Discussion Papers, University of Goettingen, Department of Economics 140, University of Goettingen, Department of Economics.
    6. Banerjee, Rajabrata & Roy, Saikat Sinha, 2014. "Human capital, technological progress and trade: What explains India's long run growth?," Journal of Asian Economics, Elsevier, Elsevier, vol. 30(C), pages 15-31.
    7. Dalgaard, Carl-Johan & Strulik, Holger, 2012. "Physiology and Development: Why the West is Taller than the Rest," Hannover Economic Papers (HEP), Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät dp-494, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    8. David I. Stern & Astrid Kander, 2011. "The Role of Energy in the Industrial Revolution and Modern Economic Growth," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University 2011-01, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    9. Chih-Hai Yang & Chia-Hui Huang, 2013. "Is Taiwan's R&D productivity in decline? A microeconometric analysis," Journal of Business Economics and Management, Taylor & Francis Journals, Taylor & Francis Journals, vol. 14(1), pages 137-155, February.
    10. Finn Martensen, 2013. "Globalization, Unemployment, and Product Cycles: Short- and Long-Run Effects," Working Paper Series of the Department of Economics, University of Konstanz, Department of Economics, University of Konstanz 2013-16, Department of Economics, University of Konstanz.

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