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British Economic Growth 1856-1973The Post-War Period in Historical Perspective$
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R. C. O. Matthews, C. H. Feinstein, and J. Odling-Smee

Print publication date: 1982

Print ISBN-13: 9780198284536

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198284535.001.0001

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Output, Inputs, and Productivity by Sector

Output, Inputs, and Productivity by Sector

Chapter:
(p.217) Chapter Eight Output, Inputs, and Productivity by Sector
Source:
British Economic Growth 1856-1973
Author(s):

R. C. O. Matthews

C. H. Feinstein (Contributor Webpage)

J. C. Odling‐Smee

Publisher:
Oxford University Press
DOI:10.1093/0198284535.003.0008

The increase in output growth came almost entirely from industrial sectors between 1873–1913 and 1924–37, and from non‐industrial sectors between 1924–37 and 1951–73. The U‐shaped pattern in the rate of growth of TFP was general, but its timing and magnitude varied between sectors. The decline between 1856–73 and 1873 –1913 was largest in agriculture, mining, and construction; there was also a fall in manufacturing. An exception to the general rise in TFP growth between twentieth century peacetime periods was the absolute fall in commerce in the interwar period compared with 1873–1913; this reflected concealed unemployment. The shifts in TFI across World War II toward manufacturing, mining, and agriculture, and away from commerce, were accompanied by opposite trends in the rate of growth of TFP, suggesting diminishing returns.

Keywords:   agriculture, commerce, growth by sector, manufacturing, mining, structural change

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