Transition to modern growth in Great Britain: The role of technological progress, adult mortality and factor accumulation

Davide Fiaschi and Tamara Fioroni

Structural Change and Economic Dynamics, 2019, vol. 51, issue C, 472-490

Abstract: This paper proposes a framework inspired by the Unified Growth Theory and by the literature on structural change to assess the contribution of technology, adult mortality, workforce, and physical and human capital accumulation to the transition from Malthusian stagnation to modern growth. A calibrated version of the model is capable of reproducing the dynamics of Great Britain's (i.e. England, Wales and Scotland) economy during the period 1541–1914, matching both the timing of transition and the pattern of the main macroeconomic and demographic variables. Technological progress emerges as the prime mover until 1850, while thereafter the reduction in adult mortality and factors accumulation play the major role.

Keywords: Unified Growth Theory; Human capital; Mortality; Demographic transition; Industrial Revolution; Structural change (search for similar items in EconPapers)
JEL-codes: I20 O10 O40 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:51:y:2019:i:c:p:472-490

DOI: 10.1016/j.strueco.2019.02.007

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