To study the economic history ofBritainit is important to signify the economic indicators. The British economy grew one percent every year from 1860-1914.There was no significant growth from the year 1856-1873 and 1882-1899. Similar diminishing trends have been observed in 1873-1882 and 1899-1913. There is one major factor behinds this decline is the population growth between the census years 1861-1911 which rose from 20.066 million to 30.070 million.
The population growth brought with it the extensive labor force from 10.523 million in 1861 to 18.286 million in 1911 which showed an increase of 73.8 percent. This large population growth isn’t sufficient enough to support the economic growth there are other reasons like land, capital, material resources and effective work force. To counter the effect of these indicators in aggregate we need to understand the collective productivity during this period. The capital-output ratio in nineteenth century was 4.0 which mean the cost of production was four times higher than the output. There are two major factors considered responsible for drastic changes in the British economy the real growth per capita and growth in total factor productivity. The two other factors participated in the British economy are movements in the average expectancy of life and changes in the income distribution. The life expectancy had been static in 1830 and it started to rise at an increasing rate from 1860’s.
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