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Endogenous Growth or “Big Bang†: Two views of the First Industrial Revolution

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  • Greasley, David
  • Oxley, Les

Abstract

The return of growth theory to center stage in mainstream economics provides opportunities for historians to reconsider the forces shaping longer-term economic development. A key motivation for developing new growth modeling strategies lay in the desire to reestablish contact between theory and the empirics of economic growth. By postulating diminishing returns to capital, the traditional neoclassical paradigm precludes the sustaining of per capita growth in the absence of exogenous technological progress. Since historical records of economic development offer scant evidence for declining per capita growth, disenchantment grew with a theoretical perspective that leaves the crucial part of the empirical record unexplained, prompting a search for alternative modeling strategies.

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  • Greasley, David & Oxley, Les, 1997. "Endogenous Growth or “Big Bang†: Two views of the First Industrial Revolution," The Journal of Economic History, Cambridge University Press, vol. 57(4), pages 935-949, December.
    • Handle: RePEc:cup:jechis:v:57:y:1997:i:04:p:935-949_01
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    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.
    2. Greasley, David & Oxley, Les, 2000. "British Industrialization, 1815-1860: A Disaggregate Time-Series Perspective," Explorations in Economic History, Elsevier, vol. 37(1), pages 98-119, January.
    3. Jakob Madsen & James Ang & Rajabrata Banerjee, 2010. "Four centuries of British economic growth: the roles of technology and population," Journal of Economic Growth, Springer, vol. 15(4), pages 263-290, December.
    4. Crafts, Nicholas, 2004. "Productivity Growth in the Industrial Revolution: A New Growth Accounting Perspective," The Journal of Economic History, Cambridge University Press, vol. 64(2), pages 521-535, June.
    5. Greasley, David & Oxley, Les, 2007. "Patenting, intellectual property rights and sectoral outputs in Industrial Revolution Britain, 1780-1851," Journal of Econometrics, Elsevier, vol. 139(2), pages 340-354, August.
    6. Kenneth Carlaw & Les Oxley & Paul Walker & David Thorns & Michael Nuth, 2006. "Beyond The Hype: Intellectual Property And The Knowledge Society/Knowledge Economy," Journal of Economic Surveys, Wiley Blackwell, vol. 20(4), pages 633-690, September.
    7. Kenneth Carlaw & Richard Lipsey, 2011. "Sustained endogenous growth driven by structured and evolving general purpose technologies," Journal of Evolutionary Economics, Springer, vol. 21(4), pages 563-593, October.

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