TERMS OF TRADE AND ECONOMIC GROWTH IN NINETEENTH CENTURY BRITAIN *
- 1 January 1991
- journal article
- Published by Wiley in Bulletin of Economic Research
- Vol. 43 (1) , 93-101
- https://doi.org/10.1111/j.1467-8586.1991.tb00486.x
Abstract
International trade and economic growth have been considered intimately linked in nineteenth century Britain. Conventional estimates of Britain's gross national product, however, fail to account for changes in the terms of trade and may be misleading indicators of changes in real income. Revised figures that incorporate terms of trade changes are presented here. One finding is that conventional estimates of GNP overstate growth in real income early in the century when the terms of trade deteriorated.Keywords
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