The Character Of Growth Before 'Modern Economic Growth'? The GDP Of Holland Between 1347 And 1807
On the basis of a newly constructed dataset of the national accounts of the province of Holland in the period between 1347 and 1800, the authors analyze the pattern of growth in this region, which was one of the most prosperous and dynamic parts of the pre modern European economy. They demonstrate that this economy was characterized by almost continuous but highly unstable economic growth caused mainly by exogenous shocks related to international trade and shipping, and harvest fluctuations. The causes of this growth vary over time. Yet, the start of the Golden Age was characterized by the increase of total factor productivity.