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This paper revisits the UK productivity puzzle using new data on outputs and inputs and clarifying the role of output mismeasurement, input growth and industry effects. Our data indicate an implied labour productivity gap of 13 percentage points in 2011 relative to the productivity level on pre‐recession trends. We find that: (a) the labour productivity puzzle is a TFP puzzle, since it is not explained by the contributions of labour or capital services; (b) the reallocation of labour between industries deepens rather than explains the puzzle (i.e. there has been a reallocation of hours away from low‐productivity industries and toward high productivity industries); (c) capitalization of R&D does not explain the productivity puzzle; (d) assuming increased scrapping rates since the recession, a 25% (50%) increase in depreciation rates post‐2009 can potentially explain 15% (31%) of the productivity puzzle; (e) industry data show that 35% of the TFP puzzle can be explained by weak TFP growth in the oil & gas and finance sectors; and (f) cyclical effects via factor utilization could potentially explain 17% of the productivity puzzle. Continued weakness in finance would suggest a future lowering of TFP growth to around 0.8% p.a. from a baseline of 0.9% p.a. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to investigate appropriate methods of modelling the business cycle theory of trade union growth, and to develop and estimate a specification of the business cycle model. In so doing, the paper draws on the important pioneering work of Bain and Elsheikh (1976) for the United Kingdom. (The results of extension of the Bain and Elsheikh model to 1980 are shown in Appendix A.). [ABSTRACT FROM AUTHOR]

The Glorious Revolution has been linked with Britain's economic development in the eighteenth century. This article argues that it contributed to the early transport revolution. First, it shows that the regulatory environment became more favourable for undertakers, with their rights being better protected. Second, it shows that investment in improving roads and rivers increased substantially in the mid-1690s shortly after the Glorious Revolution. Regression analysis and structural breaks tests confirm that there was a change in investment even after controlling for other determinants of investment. The results have implications for debates on the role of political change in British economic growth. [ABSTRACT FROM AUTHOR]

The article measures the effect of public finance during the period 1793-1815 on the rate and direction of Great Britain's economic development. It explores the country's involvement in war during the period. One aspect of the war which has intermittently attracted economists" attention from the time of the "bullionist" controversy is the effect of the expedients that were adopted in the field of public finance. The article describes the sources of data which economic historian can use to be able to fairly measure the effect of the country's finance on the rate and direction of economic growth. An analysis on the economic indicators during the period is presented.