Chapter

The Rate of Growth and the Proximate Sources of Growth

R. C. O. Matthews, C. H. Feinstein and J. C. Odling‐Smee

in British Economic Growth 1856-1973

Published in print October 1982 | ISBN: 9780198284536
Published online November 2003 | e-ISBN: 9780191596629 | DOI: http://dx.doi.org/10.1093/0198284535.003.0016

Series: Studies of Economic Growth in Industrialized Countries

 The Rate of Growth and the Proximate Sources of Growth

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Growth rates of output and output per head followed a U‐shaped pattern: a long intermediate period of slow growth separated initial and terminal periods of faster growth. The U‐shaped pattern also occurred in total factor productivity growth but not in total factor input growth. Labour input growth declined over the whole period, mainly because of the reductions in population growth and hours of work. Capital input growth was markedly higher in the post‐war period than in earlier periods, but this was not enough to offset the impact on total factor input growth of lower labour input growth.

Keywords: capital; labour; output growth; total factor input; total factor productivity

Chapter.  4338 words.  Illustrated.

Subjects: Economic History

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