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Did English Factor Markets Fail during the Industrial Revolution?

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  • Williamson, Jeffrey G

Abstract

This paper measures wage and rate-of-return gaps between agriculture and industry in the midst of England's industrial revolution. It then uses partial and general equilibrium analysis to assess the impact of factor-market failure. The failure seems to have been very large. It was manifested in terms of conventional deadweight losses a s well as in terms of distribution, employment, and accumulation effe cts. It appears that English industralization was seriously constrain ed by market failure during the first industrial revolution. Copyright 1987 by Royal Economic Society.

Suggested Citation

  • Williamson, Jeffrey G, 1987. "Did English Factor Markets Fail during the Industrial Revolution?," Oxford Economic Papers, Oxford University Press, vol. 39(4), pages 641-678, December.
    • Handle: RePEc:oup:oxecpp:v:39:y:1987:i:4:p:641-78
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    Cited by:

    1. Jonathan J. ADAMS, 2022. "Urbanization, Long-run Growth, and the Demographic Transition," JODE - Journal of Demographic Economics, Cambridge University Press, vol. 88(1), pages 31-37, March.
    2. Simpson, James, 2000. "Labour markets and rural unrest in Spanish agriculture, 1860-1936," IFCS - Working Papers in Economic History.WH 8561, Universidad Carlos III de Madrid. Instituto Figuerola.
    3. Jonathan Temple, 2005. "Dual Economy Models: A Primer For Growth Economists," Manchester School, University of Manchester, vol. 73(4), pages 435-478, July.
    4. Norman Gemmell, & Tim Lloyd, & Marina Mathew, 1998. "Dynamic Sectoral Linkages and Structural Change in a Developing Economy," Discussion Papers 98/3, University of Nottingham, CREDIT.
    5. Vollrath, Dietrich, 2009. "How important are dual economy effects for aggregate productivity?," Journal of Development Economics, Elsevier, vol. 88(2), pages 325-334, March.
    6. McCloskey, Deirdre Nansen, 2009. "Foreign Trade Was Not an Engine of Growth," MPRA Paper 19723, University Library of Munich, Germany.
    7. Jonathan Temple, 2002. "The Costs of Dualism," Bristol Economics Discussion Papers 02/532, School of Economics, University of Bristol, UK.
    8. Leonid Borodkin & Brigitte Granville & Carol Scott Leonard, 2007. "The Rural Urban Wage Gap in the Industrialization of Russia, 1884-1910," Working Papers 1, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.
    9. McCloskey, Deirdre Nansen, 2009. "Domestic Reshufflings, Such as Transport and Coal, Do Not Explain the Modern World," MPRA Paper 18925, University Library of Munich, Germany.
    10. Allen, Robert C., 2001. "The Great Divergence in European Wages and Prices from the Middle Ages to the First World War," Explorations in Economic History, Elsevier, vol. 38(4), pages 411-447, October.

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