1. Did Victorian Britain Fail?
He speculates that if the investment rate had been similar to that of Germany, then a 25% increase in consumption per head would have been possible by 1911. Feinstein calculates British investment for the period to be around 3-4% and Kuznets calculates that on average, the US investment rate was around 13.4% and the German investment rate, around 13.6%. Crafts goes on to claim that even using McCloskey's own model "with its strong restrictive assumptions", that an investment rate of 12%, similar to those of the US and Germany, would cause a 25% rise in consumption expenditure. ... Mc...
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