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

  • Jakob B. Madsen
  • James B. Ang

    ()

  • Rajabrata Banerjee

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://cbe.anu.edu.au/research/papers/camawpapers/Papers/2010/Madsen_Ang_Banerjee_182010.pdf
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Paper provided by Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University in its series CAMA Working Papers with number 2010-18.

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Length: 49 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:een:camaaa:2010-18
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