The Finnish economy 1860-1985 : Growth and structural change
Suomen talous 1860-1985 : Kasvu ja rakennemuutos
Hjerppe, Riitta (15.06.1989)
Numero
13Julkaisija
Bank of Finland
1989
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-201609021403Sisällysluettelo
PREFACE 11
ACKNOWLEDGMENTS 14
1. STARTING POINT 17
1.1. Background to the growth study 17
1.2. When did modern economic growth begin? 19
1.3. The structure of the study 20
2. METHODOLOGY AND SOURCES 23
2.1. From sources to accounts 23
2.2. Estimation problems 29
2.3. New and old time series 33
3. THE DEVELOPMENT OF GROSS DOMESTIC PRODUCT 1860-1985 41
3.1. Growth before 1860 41
3.2. Accelerating growth 1860 - 1985 42
3.2.1. Period of instability 1860-1890 46
3.2.2. Toward greater stability 1890 - 1913 47
3.2.3. Acceleration 1920-1938 48
3.2.4. Growth peaks 1946 - 1974 49
3.2.5. Slackening growth 1974 - 1985 50
3.3. The standard-of-living gap is narrowed 50
3.4. Depressions and crises 53
4. STRUCTURAL CHANGE: AN INTEGRAL PART OF GROWTH 61
4.1. Factors of structural change 61
4.1.1. The economic structure of the 1860s 62
4.1.2. Slow change during the Period of Autonomy 64
4.1.3. Sharp fluctuations up to the Second World War 65
4.1.4. From primary production to services 66
4.2. Finland and other countries 67
4.3. Growth contributions of different economic activities 69
4.3.1. Agriculture and forestry 71
4.3.2. Industry 77
4.3.3. Services 80
5. POPULATION GROWTH: LABOUR SUPPLY AND CONSUMER DEMAND 95
5.1. Employment 98
5.2. Unemployment? 101
5.3. The standard of education 103
6. THE INCREASING IMPORTANCE OF PRODUCTIVITY 107
7. PRIVATE CONSUMPTION RISES - BUT NOT WITHOUT SETBACKS 113
7.1. The road to welfare consumption 116
8. THE PUBLIC SECTOR AND GROWTH 123
8.1. Schools and railways 123
8.2. Independence brings the machinery of government 126
8.3. Building a welfare state 130
8.4. Taxes and other receipts 132
8.5. Other public production 134
9. THE RATE OF INVESTMENT RISES 138
9.1. The Period of Autonomy creates a base 138
9.2. More machinery and equipment 140
9.3. Increasing importance of investment 142
9.4. Investment and economic growth 143
10. THE SIGNIFICANCE OF FOREIGN TRADE 149
10.1. The framework of trade policy 149
10.2. The shares of imports and exports 151
10.3. The balance of trade and improving terms of trade 154
10.4. The fluctuating export market 158
10.5. Imports: consumables give way to investment goods 163
10.6. Exports - the engine of growth? 166
11. AGGREGATE DEMAND AND AGGREGATE SUPPLY 172
12. REGULARITIES OF INDUSTRIAL DEVELOPMENT 180
13. SUMMARY 186
ACKNOWLEDGMENTS 14
1. STARTING POINT 17
1.1. Background to the growth study 17
1.2. When did modern economic growth begin? 19
1.3. The structure of the study 20
2. METHODOLOGY AND SOURCES 23
2.1. From sources to accounts 23
2.2. Estimation problems 29
2.3. New and old time series 33
3. THE DEVELOPMENT OF GROSS DOMESTIC PRODUCT 1860-1985 41
3.1. Growth before 1860 41
3.2. Accelerating growth 1860 - 1985 42
3.2.1. Period of instability 1860-1890 46
3.2.2. Toward greater stability 1890 - 1913 47
3.2.3. Acceleration 1920-1938 48
3.2.4. Growth peaks 1946 - 1974 49
3.2.5. Slackening growth 1974 - 1985 50
3.3. The standard-of-living gap is narrowed 50
3.4. Depressions and crises 53
4. STRUCTURAL CHANGE: AN INTEGRAL PART OF GROWTH 61
4.1. Factors of structural change 61
4.1.1. The economic structure of the 1860s 62
4.1.2. Slow change during the Period of Autonomy 64
4.1.3. Sharp fluctuations up to the Second World War 65
4.1.4. From primary production to services 66
4.2. Finland and other countries 67
4.3. Growth contributions of different economic activities 69
4.3.1. Agriculture and forestry 71
4.3.2. Industry 77
4.3.3. Services 80
5. POPULATION GROWTH: LABOUR SUPPLY AND CONSUMER DEMAND 95
5.1. Employment 98
5.2. Unemployment? 101
5.3. The standard of education 103
6. THE INCREASING IMPORTANCE OF PRODUCTIVITY 107
7. PRIVATE CONSUMPTION RISES - BUT NOT WITHOUT SETBACKS 113
7.1. The road to welfare consumption 116
8. THE PUBLIC SECTOR AND GROWTH 123
8.1. Schools and railways 123
8.2. Independence brings the machinery of government 126
8.3. Building a welfare state 130
8.4. Taxes and other receipts 132
8.5. Other public production 134
9. THE RATE OF INVESTMENT RISES 138
9.1. The Period of Autonomy creates a base 138
9.2. More machinery and equipment 140
9.3. Increasing importance of investment 142
9.4. Investment and economic growth 143
10. THE SIGNIFICANCE OF FOREIGN TRADE 149
10.1. The framework of trade policy 149
10.2. The shares of imports and exports 151
10.3. The balance of trade and improving terms of trade 154
10.4. The fluctuating export market 158
10.5. Imports: consumables give way to investment goods 163
10.6. Exports - the engine of growth? 166
11. AGGREGATE DEMAND AND AGGREGATE SUPPLY 172
12. REGULARITIES OF INDUSTRIAL DEVELOPMENT 180
13. SUMMARY 186
Julkaisuhuomautus
Translated by Richard Walker