By R. C. O. Matthews;C. H. Feinstein;J. Odling-Smee
A historic account of the path and explanations of British financial development from the mid-nineteenth century till 1973, with distinctive emphasis at the exceptional development after the second one international warfare.
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Additional resources for British Economic Growth, 1856-1973: The Post-War Period in Historical Perspective (Studies of Economic Growth in Industrialized Countries)
But the possibility cannot be ruled out that future data revisions will alter some of our conclusions qualitatively, not just in detail. This possibility exists with all types of evidence. A reminder of the fallibility of the data is provided by the imperfect consilience of the three indicators of GDP (income, expenditure, and output). Experience in handling the data reveals that the choice between such alternative indicators usually makes more difference to the results than is made by the choice of ways to manipulate them.
The present chapter reviews methods and issues. Chapter 2 describes the movement over time of the central variable, real national income. The structure of Parts Two and Three is based on the foundation of the growth-accounting method ﬁrst made familiar by the work of such writers as Abramovitz (1956), Kendrick (1961), and Denison (1962) on the empirical side and Solow (1957) on the theoretical side. ) Part Two (Chapter 3–7) is concerned with the economy as a whole. The sources of growth of real national income are decomposed, by the growth-accounting method, into the growth of factor inputs and the growth of factor productivity.
Throughout, we are conscious of those unavoidable limitations of our knowledge that Lundberg referred to in his characterization of the work of Kuznets: “All sets of ﬁndings necessitate more exact knowledge of the ‘mechanism’ involved than that which lies at hand. g. in regard to those factors that have determined observed trends or ﬂuctuations in the development: ‘The result is, at best, a sketch of a possible but untested association between the ﬁndings’ ” (Lundberg 1971: 460, quoting Kuznets 1961a: 6).
British Economic Growth, 1856-1973: The Post-War Period in Historical Perspective (Studies of Economic Growth in Industrialized Countries) by R. C. O. Matthews;C. H. Feinstein;J. Odling-Smee