Chapter

Income and Wealth

Roderick Floud

in The People and the British Economy, 1830–1914

Published in print April 1997 | ISBN: 9780192892102
Published online October 2011 | e-ISBN: 9780191670602 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780192892102.003.0002
Income and Wealth

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This chapter examines Britain's economic growth from 1830 to 1914. It discusses the pattern of growth, the distribution of wealth and income, the sources of growth, and the performance of the economy. In 1914 the economy of the United Kingdom produced nearly seven times as many goods and services as it had done in 1830. During that time the population doubled. As a result, the average amount produced, and then consumed or invested, by a member of the UK population rose by nearly three and a half times. This means that, after taking account of inflation and deflation of prices during the period, the average person — man, woman, or child — was nearly three and a half times better off in 1914 than in 1830.

Keywords: population; economic growth; inflation; deflation; production; consumption; investment

Chapter.  6412 words.  Illustrated.

Subjects: Modern History (1700 to 1945)

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