ABSTRACT
The rate of growth of British industrial production clearly slowed down in the last quarter of the nineteenth century. Under almost any set of realistic assumptions, increments of industrial exports should increase the value of total production by more than their own value. The most important single difference between Hoffmann's measures of British industrial production and its many predecessors lies in the relative completeness of its industry coverage. The principal analytical tool for achieving the objective is an input-output table for the British economy at the turn of the present century. In constructing the 1907 table, it was assumed that production, as reported in the censuses, represented sales—an assumption that would be accurate within the range of inventory change. To segregate the wage component from the aggregated figure for wages, taxes, interest, etc., in the input-output table and, with the aid of average annual sector wages, determine the labor input necessary to produce the 1907 hypothetical bill of goods.
