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Endogenous Innovation, Trend Growth, and the British Industrial Revolution: Reply to Greasley and Oxley

Published online by Cambridge University Press:  03 March 2009

N. F. R. Crafts  and
Terence C. Mills
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Extract

David Greasley and Les Oxley provide an interesting but ultimately unconvincing chalenge to the perspective on the British Industrial Revolution that we have set out in recent articles1. We believe that the issues that they raise are important and deserve a full response. Thus, we take the opportunity to clarify ideas on growth theory and its implications for growth accounting, to review the econometrics of estimating trend growth in an economy undergoing structural change, and to reconsider the persuasiveness of different views of the nature of technological change in the eighteenth and nineteenth centuries.

Type
Articles
Information
The Journal of Economic History , Volume 57 , Issue 4 , December 1997 , pp. 950 - 956
Copyright
Copyright © The Economic History Association 1997

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