The first is that output grew too slowly because of sluggish demand, the second that too much was invested abroad because of imperfect capital markets and the third was that productivity stagnated because of inept entrepreneurship. ... McCloskey's opinion of British productivity was that the 1.2% per annum growth from 1870 to 1900 was a respectable level and notes that the data is very unreliable as an inaccuracy of just 3% either way in real gross national product, stock of capital, size of the labour force, or shares of capital and labour in national product then the estimate of prod...

• Word Count: 1116
• Approx Pages: 4
• Grade Level: Graduate

Through his analytical work on the causal chain connecting money stock in an economy to changes in aggregate expenditures, income, employment, and prices, Cantillon originated the income approach to monetary theory. ...

• Word Count: 2445
• Approx Pages: 10
• Has Bibliography
• Grade Level: Graduate