The Industrial Revolution Reconsidered”, is authored by N. F. R. Crafts. The article was published on December, 1995 in the Journal of Economic History. The publishing was done by Cambridge University Press, with the permission…
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Focus on British Industrial Revolution brings forth interesting findings on the economics surrounding the industrial revolution. The neoclassical growth modes were found to inadequately explain the industrial revolution. Macroinventions that highly influenced economic growth and development during the industrial revolution period seems to be inconclusive when examined under the contemporary economic models. Essentially, new growth theory best suits the contemporary examination of the industrial revolution. Although the theory has its flaws and shortcomings, new growth theory best describes the industrial revolution. Critical inferences on the industrial revolution are still open to intensive and extensive economic research.
A number of data sources are employed by Crafts in the article. Economic statistics have been used to make the appropriate analysis pertaining to the British Industrial Revolution. These statistics are drawn from over-the-years records in different economic settings. Another essential source of data is the use of journals. Economics and economic history journals, primary, and secondary sources have further enhanced the evaluation of the matter at hand.
The methodology employed in the article is both qualitative and quantitative. This has drawn vital economic theories and models into the examination of the industrial revolution. Neoclassical and new growth assessments have informed the use of the said methodology. Exogenous and endogenous variables as they relate to the industrial revolution have also been used, thereby enhancing the applicability of the quantitative models.
The emerging big question in the article is: Is the contemporary growth and development of economic modeling applicable in reviewing the British Industrial Revolution? The interesting aspect of the article is the approach taken in trying to make conclusive deductions. The use of different theories and models makes the study
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