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

CAMA Working Paper No. 18/2010

49 Pages Posted: 1 Sep 2010

See all articles by Jakob B. Madsen

Jakob B. Madsen

University of Copenhagen - Department of Economics

James Ang

Monash College

Rajabrata Banerjee

University of South Australia - UniSA Business School

Date Written: July 1, 2010

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.

Keywords: endogenous growth, British Industrial Revolution

JEL Classification: O30, O40

Suggested Citation

Madsen, Jakob Bruechner and Ang, James and Banerjee, Rajabrata, Four Centuries of British Economic Growth: The Roles of Technology and Population (July 1, 2010). CAMA Working Paper No. 18/2010, Available at SSRN: https://ssrn.com/abstract=1668202 or http://dx.doi.org/10.2139/ssrn.1668202

Jakob Bruechner Madsen

University of Copenhagen - Department of Economics ( email )

Ă˜ster Farimagsgade 5
Bygning 26
1353 Copenhagen K.
Denmark

James Ang (Contact Author)

Monash College ( email )

Guangzhou
China

Rajabrata Banerjee

University of South Australia - UniSA Business School ( email )

SCHOOL OF COMMERCE, UNISA
GPO BOX 2471
ADELAIDE, South Australia 5001 5001
Australia

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