ABSTRACT
This chapter examines conceptual history of economic growth from the late 19th century until the First World War. economic growth or national product was not used in the economics and political language of the period, but concepts such as national wealth and national income were referred to in several instances. Research conducted in Finnish economic associations was primarily based on frameworks provided by the German Historical School. However, in economic policy, classical liberal principles of monetary stability and private capital formation as the engines of development seemed to be the dominant conceptions. Moreover, cultural and spiritual stability was conceptualized as the most important national goal in the context of an agrarian conservative growth conception. This context involved an understanding of Finland as a nation that was developing slowly in European comparison.
