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

Author

Listed:
  • Jakob B. Madsen
  • James B. Ang
  • Rajabrata Banerjee

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.

Suggested Citation

  • Jakob B. Madsen & James B. Ang & Rajabrata Banerjee, 2010. "Four Centuries of British Economic Growth: The Roles of Technology and Population," Development Research Unit Working Paper Series 03-10, Monash University, Department of Economics.
    • Handle: RePEc:mos:druwps:2010-03
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    File URL: http://www.buseco.monash.edu.au/units/dru/papers/working-papers-10/1003centuriesmadsenangbanerjee.pdf
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    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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