2011/22 | LEM Working Paper Series | |
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Economic Growth in England, 1250-1850: Some New Estimates Using a Demand Side Approach |
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Alessandro Nuvolari and Mattia Ricci |
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Keywords | ||
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GDP, Economic growth, England
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JEL Classifications | ||
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N13, O47
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Abstract | ||
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Using the demand side approach we construct a new set of estimates of
per capita agricultural output and per capita GDP for England over the
period 1250-1850. Our estimates of per capita GDP suggest that the
pattern of long run growth of the English economy can be interpreted
with a periodization in three historical stages. The first stage,
covering the period 1250-1580, is a Malthusian phase with no positive
growth. The second stage, comprising the period 1580-1780, is an
intermediate phase where the English economy is able to relax some of
the Malthusian constraints, attaining a positive growth rate (although
our estimate of the growth rate for this period is lower than that
proposed by Maddison and more recently by Broadberry, Campbell, Klein,
Overton and van Leeuwen). The third stage covering the post 1780
period is represented by the industrial revolution and by the
definitive consolidation of a development pattern characterized by a
steady positive growth rate.
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