Floud -1860-1914 survey.
Age of failure - both living standards and economic growth.
Choice of indicators is important.
1. NatIncome56-73-82-99-13, about 1% a year.
But population also grew 80%
Both capital and labour productivity. Capital inputs grew more, although labour 0.9% in 73 as well. TFP was falling over the period. 1.4,0.5,1.1.(MAtthews).
3. Life expectancy and heights - the grew a lot
4. Distribution of income
3 classes, rich, moddle and poor. Middle class rose. Very large inequality.
besides averages variation should be counted too.
To judge the economy we need realistic standards
1. did economy make best use of resources? Use international comparisation
a. output- growth was faster thtan in indrev but slower than other countries.
export growth slowered
b. efficiency response to change in new technology
imports increased, uk share of orld trade fell.
c. supply side constraints like quality of the labour force
few in aggriculture, lot of tertiary sector. labour grew too, but growth in skill was not sufficient
d. supply side again - investment and savings.
uk invested less than competitors. if overseas invesetment counted then less difference.Overseas investment does not necessary yield lower returns. matthews feinstein and odling-smee.