Prices, wages and fertility in pre-industrial England
AbstractTo shed light on the economic-demographic mechanisms operating in the epoch of pre-industrial economic stagnation, a two-sector Malthusian model is formulated in terms of a cointegrated vector autoregressive model on error correction form. The model allows for both agricultural product wages and relative prices to affect fertility. The model is estimated using new data for the pre-industrial period in England, and the analysis reveals a strong, positive effect of agricultural wages as well as a nonnegative effect of real agricultural prices on fertility. Furthermore, it is demonstrated that there is strongly decreasing returns to scale with respect to labour in the agricultural sector and approximately constant returns to scale in the manufacturing sector. The analysis provides evidence in favour of the usual Malthusian model, as invoked by unified growth theories such as e.g. Galor and Weil (Am Econ Rev 90:806–828, 2000).
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Bibliographic InfoArticle provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.
Volume (Year): 6 (2012)
Issue (Month): 1 (January)
Malthus; Cointegration; Pre-industrial England;
Other versions of this item:
- Marc P. B. Klemp, 2011. "Prices, Wages and Fertility in Pre-Industrial England," Discussion Papers 11-20, University of Copenhagen. Department of Economics.
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- N3 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
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