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British Episodic Economic Growth 1850-1938

Author

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  • 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
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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

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    1. David, P.A., 1989. "Computer And Dynamo: The Modern Productivity Paradox In A Not-Too Distant Mirror," The Warwick Economics Research Paper Series (TWERPS) 339, University of Warwick, Department of Economics.
    2. 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.
    3. Charles Feinstein & Mark Thomas, 2001. "A Plea for Errors," Oxford University Economic and Social History Series _041, Economics Group, Nuffield College, University of Oxford.
    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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Economic History; Economic Growth; Economic Cycles;

    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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