Despite the kind of scholarly attention that has been attracted in the field ofChinese economic history in the past half a century or so, basic quantities ofsome basic factors have remained disagreed. Chinese population is one of them.For example, for the post-1350 period, the gap between...

[...]This paper contributes to the identification of adaptive expectations by using ten years of panel data from the British Household Panel Survey to study the process of adaptation based on the individual’s own previous experience. Subjective assessments of financial well-being at time t,...

[...]What might account for this link between parentalincome and children’s income? Many economists believethat this relationship is due in large part to differentialhuman-capital investment between high-income andlow-income families. High-income parents can invest inmore (and better)...

This paper describes a new and intuitive methodfor answering these technical questions by tabulating theexact loss distribution arising from correlated credit eventsfor any arbitrary portfolio of counterparty exposures, downto the individual contract level, with the losses measuredon a...

[...]This study is the first formal investigation ofconsumer attitudes that compares the forecasting power ofthe University of Michigan’s Index of Consumer Sentimentand the Conference Board’s Consumer Confidence Index.We begin with a background analysis of structural differencesbetween the...

[...]In this article, we shed light on the globalizationof international production and trade by demonstratingthe increasingly important role vertical specializationplays in international trade. We use case studies andinput-output tables to calculate the level and growth...

The British industrial revolution created an industrial economy. While casual discourse conflates industrialization and economic growth, Britain was remarkable primarily for the pronounced structural change that occurred rather than for rapid economic growth. Uniquely the British labour force...

Historical narratives which place the Glorious Revolution at the beginning and Parliament near the centre of explanations for the rise and success of Britain’s fiscal military state begin to seem truncated in chronology, narrow in conception and insular in focus. Nevertheless, their stories...

Economics has always had two connected faces in its Western tradition. In Adam Smith's eighteenth century, as in John Stuart Mill's nineteenth, these might be described as the science of political economy and the art of economic governance. The former aimed to describe the workings of the...