Shift from land to fixed capital fuels Britain's economic growth surge
The article examines how capital and economic growth in Britain changed from 1270 to 1870. It shows that fixed capital became more important over time, while land became less important. The study confirms that the ratio of capital to labor increased, and the ratio of capital to output stayed stable, especially when focusing on fixed capital. The research suggests that economic growth was mainly driven by increasing inputs like labor and capital, with technological progress playing a significant role in boosting output per person. Additionally, the share of investment in the economy grew significantly during the shift from pre-industrial to modern economic growth.