1. Did Victorian Britain Fail?
He bases his argument on the fact that if the economy was in full employment, that the growth of output was determined by the growth of the factors of production, such as fixed capital and skilled labour, not by aggregate demand. ... Crafts" argument centres on the fact that McCloskey's model, which was also criticised by Kennedy for being inappropriate, shows a steady state rate of growth. ... Landes sums up this argument when he says that there is no doubt that British industry was not as vigorous from the 1870s as it could have been. ...
- Word Count: 1116
- Approx Pages: 4
- Grade Level: Graduate