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Conjectures of English and UK Economic Surplus, Investment, Tax Revenues and Deficit Amounts from the 13th to the 19th Century

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  • Lambert, Thomas

Abstract

This paper attempts to estimate trends in the levels of economic surplus, public and private investment, and national government surpluses and deficits from accumulated capital income, taxation, and rents estimated by different economic historians for England and the UK. The data support historical accounts that income per capita growth begins to increase around the 1600s in Britain perhaps due to the level of capital, tax, and land income achieving an adequate threshold amount. According to some historians, this would also be about the time of capitalism’s ascent as the dominant economic system in England. Even then, dramatic increases in investment and economic growth do not appear until the late 18th Century when investment and deficits reach even higher levels. The data developed in this research note are offered as additional macroeconomic data supplements to works created by other authors and researchers.

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  • Lambert, Thomas, 2021. "Conjectures of English and UK Economic Surplus, Investment, Tax Revenues and Deficit Amounts from the 13th to the 19th Century," MPRA Paper 109080, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:109080
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    References listed on IDEAS

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    1. Hatcher, John & Bailey, Mark, 2001. "Modelling the Middle Ages: The History and Theory of England's Economic Development," OUP Catalogue, Oxford University Press, number 9780199244126, November.
    2. Barro, Robert J., 1987. "Government spending, interest rates, prices, and budget deficits in the United Kingdom, 1701-1918," Journal of Monetary Economics, Elsevier, vol. 20(2), pages 221-247, September.
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    5. North, Douglass C. & Thomas, Robert Paul, 1971. "The Rise and Fall of the Manorial System: A Theoretical Model," The Journal of Economic History, Cambridge University Press, vol. 31(4), pages 777-803, December.
    6. Gregory Clark, 2007. "The long march of history: Farm wages, population, and economic growth, England 1209–18691," Economic History Review, Economic History Society, vol. 60(1), pages 97-135, February.
    7. Nicholas Crafts & Terence C. Mills, 2017. "Six centuries of British economic growth: a time-series perspective," European Review of Economic History, Oxford University Press, vol. 21(2), pages 141-158.
    8. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501, November.
    9. McCloskey, Donald N., 1972. "The Enclosure of Open Fields: Preface to a Study of Its Impact on the Efficiency of English Agriculture in the Eighteenth Century," The Journal of Economic History, Cambridge University Press, vol. 32(1), pages 15-35, March.
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    Cited by:

    1. Lambert, Thomas, 2021. "The Baran Ratio, Investment, and British Economic Growth and Investment," MPRA Paper 109546, University Library of Munich, Germany.

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    More about this item

    Keywords

    Economic Surplus; Deficits; Investments; Private Investment; Public Investment; Tax Revenues;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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