Advancements and conditions in Great Britain

neo-classical growth model states that several countries tend to grow the same way if certain conditions are met, in other words, economies tend to converge on the long-term. On the short run however, economies can easily diverge due to numerous actions which have uncertain effects. These unpredictable actions have short-term effects which will affect economies in different ways, but all economies will tend to adapt to the effects on the long run – ergo the long-term convergence and the short-term divergence.

But even the long-term converge is not always a given fact and it can be met only in certain conditions. However the savings and the capital-labour ratio may diverge, if the population growth and technological possibilities are similar, the economies will converge in the long run. But the differences between the savings per economies will affect the short-term future of the countries. The neo-classical growth model is highly based on the notion of capital, but the capital is influenced by savings, and different amounts of savings can then influence the capital and as a consequence, the growth rate will differ on the short-term. However, on the long run, the situation will become more balanced.

Don't use plagiarized sources. Get Your Custom Essay on
Advancements and conditions in Great Britain
Just from $9/Page
Order Essay

In short, the conditional convergence hypothesis asserts that countries can differ in the their steady-state ratios and thus differ in consumption per capita, but as long as they have the same population growth rate, then all their level variables – capital, output, consumption, etc. – will eventually grow at that same rate” (CEPA)

2. It is true that starting with the 1860s, the British economy seemed to have slowed down its economic growth rate. It is also true that other economies were increasing their growth rates and developing on more levels. The lower growth rate of Great Britain then became somewhat similar to the growth rates of other economies, generating a stable growth and a long-term convergence.

Also, the societies of the 1860s, generally the United States of America and Germany, were being met with numerous developments in all sectors of life, including massive industrialization, technological advancements and developments in numerous sectors, such as finance and the banking systems. And these developments were characteristic to most of the global economies. Therefore, the similar advancements and conditions in Great Britain as well as other economies led to the economic convergence of the nineteenth century.

3. It is undoubted that the economic convergence of the nineteenth century and the trans-Atlantic labour migration are directly connected. The question remains which is the actual cause and which is the effect. In my opinion, I find the economic convergence to have been the cause for the trans-Atlantic labour migration rather than vice-versa.

To better explain, the economic convergence was already generated by numerous factors and it similarly produced certain effects. And one of the effects was this migration, which was actually only possible due to the economic convergence. In other words, if the economies had not registered similar growth rates, the population would not have been tempted to change their residence to less developed countries. But since most global economies were growing at the same rate, the labour force found it easier and less risky to change their locations and jobs.

On the other hand, if we consider that the migration generated the economic convergence, we would have to believe that increased migration is a highly important macroeconomic factor. And it actually is, but not so major as to create great international effects, such as economic convergence. And also, the convergence was generated by similar progresses in the industry and other sectors, not the migration of the workforce.

In all, the two are definitely interconnected, and it could also be true that some features of the trans-Atlantic workforce migration influenced the occurrence of the economic convergence (such as the specialized technicians who migrated and supported technological developments), but their influence is rather limited. As such, the migration was the effect of the economic convergence, rather than the other way round.

4. The neo-classical growth model introduces new variables to the equation and places increased emphasis on the human capital, unlike other preceding models. The newly introduced concept, that of productivity and growth of productivity, are directly correlated with the efforts of the labour force and the technological capabilities of the workers. “The neoclassical growth model is a macro model in which the long-run growth rate of output per worker is determined by an exogenous rate of technological progress” (Econterms, 2008).

The workforce and the technological advancements were key determinants for the neo-classical growth model and they played a vital role in both establishing the model as well as practically applying it. A condition which had to be met by the labour force revolved around the full occupation of the available positions. Then, the technological and demographic changes were seen as exogenous to the economy (Benito)

Basically, the workforce and the technological developments were regarded as vital conditions for economic growth and convergence with other developed or developing economies. The model emphasizes that an organization will grow only if they possess numerous employees which operate numerous machines, built with the latest and highly efficient technologies. “Neo-classical growth models identify the sources of growth as technical progress and population increases, with capital accumulation determining the capital-to-labour ratio in the steady state” (Meade, 1962).

5. The neo-classical model was mainly based on two concepts: technological advancements and the labour force. Today, the modern economy is also centred on the personnel and the technological capabilities of the organization, but has changed its perspective. For instance, the neo-classical model required numerous employees in order to increase productivity; today, companies require sufficient, skilled and capable employees, which will not only increase productivity and efficiency, but will also bring value to the organization. This can be translated into the increased interest towards looking at the issue from the stand point of real wages.

To better explain, the neoclassic company was based on production and all factors were measured in terms of productivity, or output. Today however, the companies have become more employee-oriented, seeing their staff as the path to organizational success. They wish to satisfy their needs and by this motivate them to increase their efforts and performances to sustain the company in reaching its organizational goals. In a reversed line of thoughts, if the employees are given large salaries, it means that they are remunerated for the great job they do and the company will therefore grow.

Also, the modern economy views the employee as the company’s most valuable asset; therefore they must remunerate the staff accordingly. And the convergence of the real wages is proof of this fact.

6. The entrepreneurial failure is a major cause of the economic decline in the nineteenth century Britain. The world’s economic leader up to that time, Britain was characterized by intense industrial and technological developments. The number of small entrepreneurs had grown exponentially and so had the competition. This then generated internal disputes and soon the British companies were unable to compete internationally, as they were competing against each other.

The dominant explanations include the loss of competitive advantage in world markets which accompanied the successful exploitation of superior assets by Germany and the United States, and Britain’s loss of technological momentum in the leading sectors of its industrial revolution-cotton, coal, iron and steel, mechanical engineering — and a slow take-up of the technologies of the Second Industrial Revolution-petroleum, new metals and materials, and electrical engineering” (Gourvish, 2000).

Aside from the entrepreneurial failure, the economic decline in Britain was also due to political instability. In addition, the tremendous developments in the industry and technology encouraged manufacturers to produce large quantities of goods. As a consequence, the offer was much higher than the demand and the economy generated an unsustainable surplus (Elbaum and Lazonick, 1984).

7. Stability and flexibility are highly important for the well-being of an economy. A context of economic stability strengthens the country’s status in the world, increases the value of the national currency and attracts foreign investors. But there should also exist a certain level of flexibility in order to encourage investors to open businesses within the country. Foreign investors need both security but also the promises of adaptability and flexibility, which will help them conduct organizational operations.

Stability should be offered by most industries and sectors, as well as national institutions. Among the sectors which reveal increased importance in offering stability are the financial sector and the banking sector. The financial sector, supervised by the country’s central bank, must be stable as to develop and implement fair financial regulations, maintain an appropriate value of the national currency and reduce inflation. The banking sector has to be stable as to offer numerous credit and savings opportunities for entrepreneurs.


Benito, C.A., Neo-Classical Growth Model, Development Economics Sonoma State University, retrieved from February 7, 2008

Elbaum, B., Lazonick, W., 1984, the Decline of the British Economy: An Institutional Perspective, the Journal of Economic History, Volume 44, Number 2

Gourvish, T., 2000, Entrepreneurship in Britain 1870-1914 – Failure or Adaptation, London School of Economics, Retrieved at February 7, 2008

Meade, J.E., 1962, a Neoclassical Theory of Economic Growth, Retrieved at February 7, 2008

2008, Definition of Neoclassical Growth Model, Econterms, retrieved at On February 7, 2008

Neoclassical Growth, CEPA Newschool, Retrieved at On February 7, 2008

Get Professional Assignment Help Cheaply

Buy Custom Essay

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Why Choose Our Academic Writing Service?

  • Plagiarism free papers
  • Timely delivery
  • Any deadline
  • Skilled, Experienced Native English Writers
  • Subject-relevant academic writer
  • Adherence to paper instructions
  • Ability to tackle bulk assignments
  • Reasonable prices
  • 24/7 Customer Support
  • Get superb grades consistently

Online Academic Help With Different Subjects


Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.


Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.

Computer science

Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!


While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.


Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.


In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.


Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.


We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!


We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.


Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.

What discipline/subjects do you deal in?

We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.

Are your writers competent enough to handle my paper?

Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.

What if I don’t like the paper?

There is a very low likelihood that you won’t like the paper.

Reasons being:

  • When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
  • We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.

In the event that you don’t like your paper:

  • The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
  • We will have a different writer write the paper from scratch.
  • Last resort, if the above does not work, we will refund your money.

Will the professor find out I didn’t write the paper myself?

Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.

What if the paper is plagiarized?

We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.

When will I get my paper?

You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.

Will anyone find out that I used your services?

We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.

How our Assignment Help Service Works

1. Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2. Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3. Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4. Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

smile and order essay GET A PERFECT SCORE!!! smile and order essay Buy Custom Essay

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
error: Content is protected !!
Open chat
Need assignment help? You can contact our live agent via WhatsApp using +1 718 717 2861

Feel free to ask questions, clarifications, or discounts available when placing an order.
  +1 718 717 2861           + 44 161 818 7126           [email protected]
  +1 718 717 2861         [email protected]