Unreal Wages? Real Income and Economic Growth in England, 1260-1850

Jane Humphries, Jacob Weisdorf*

*Kontaktforfatter for dette arbejde

Publikation: Bidrag til tidsskriftReviewForskningpeer review

Resumé

Estimates of historical workers' annual incomes suffer from the fundamental problem that they are inferred from day wage rates without knowing how many days of work day-labourers undertook per year. We circumvent the problem by building an income series based on the payments made to workers employed by the year rather than by the day. Our data suggest that earlier annual income estimates based on day wages overestimate medieval labour incomes but underestimate labour incomes during the Industrial Revolution. Our revised estimates indicate that modern economic growth began more than two centuries earlier than commonly thought and was driven by an 'Industrious Revolution'. They also suggest that the current global downturn in labour's share is not exceptional but fits within the range of historical fluctuations.

OriginalsprogEngelsk
TidsskriftEconomic Journal
Vol/bind129
Udgave nummer10
Sider (fra-til)2867-2887
ISSN0013-0133
DOI
StatusUdgivet - 1. okt. 2019

Fingeraftryk

Wages
England
Economic growth
Income
Real income
Income growth
Labor income
Workers
Wage rate
Labor share
Payment
Industrial revolution
Fluctuations

Citer dette

Humphries, Jane ; Weisdorf, Jacob. / Unreal Wages? Real Income and Economic Growth in England, 1260-1850. I: Economic Journal. 2019 ; Bind 129, Nr. 10. s. 2867-2887.
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Unreal Wages? Real Income and Economic Growth in England, 1260-1850. / Humphries, Jane; Weisdorf, Jacob.

I: Economic Journal, Bind 129, Nr. 10, 01.10.2019, s. 2867-2887.

Publikation: Bidrag til tidsskriftReviewForskningpeer review

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