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

  • Jakob B. Madsen
  • James B. Ang
  • Rajabrata Banerjee
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    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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    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
    Contact details of provider: Postal: Department of Economics, Monash University, Victoria 3800, Australia
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    Web page: http://www.buseco.monash.edu.au/eco/
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