Poverty and Prosperity: A Longitudinal Study of Wealth Accumulation, 1850-1860
AbstractThis paper depicts and analyzes the wealth distribution and wealth mobility in a national sample of nearly 1,600 households matched in the 1850 and 1860 manuscript schedules of the census. Gini coefficients, a transition matrix, the Shorrocks measure, and a regression model of wealth accumulation are estimated from these data. The findings shed light on theories of the wealth distribution, life-cycle behavior, regional economic performance, accumulation patterns of ethnic and occupational groups, and the empirical basis for critiques of capitalism. Comparisons with modern data show that mid-nineteenth-century households were less mobile at the lower end of the wealth distribution, but more mobile at the upper end. Copyright 1990 by MIT Press.
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Bibliographic InfoArticle provided by MIT Press in its journal Review of Economics & Statistics.
Volume (Year): 72 (1990)
Issue (Month): 2 (May)
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Other versions of this item:
- Richard H. Steckel, 1989. "Poverty and Prosperity: A Longitudinal Study of Wealth Accumulation, 1850-1860," NBER Historical Working Papers 0008, National Bureau of Economic Research, Inc.
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- Joshua L. Rosenbloom & Gregory W. Stutes, 2005.
"Reexamining The Distribution Of Wealth In 1870,"
WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS
200501, University of Kansas, Department of Economics, revised Jan 2005.
- Livio Di Matteo, 2008. "Wealth accumulation motives: evidence from the probate records of Ontario, 1892 and 1902," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 2(2), pages 143-171, July.
- Burger, Ronelle & Booysen, Frikkie & van der Berg, Servaas & von Maltitz, Michael, 2006. "Marketable Wealth in a Poor African Country: Using an index of consumer durables to investigate wealth accumulation by households in Ghana," Working Paper Series RP2006/138, World Institute for Development Economic Research (UNU-WIDER).
- Di Matteo, Livio, 2013. "Women, wealth and economic change: An assessment of the impact of women's property law in Wentworth County, Ontario, 1872–1927," Explorations in Economic History, Elsevier, vol. 50(2), pages 285-307.
- Burger, Ronelle & Booysen, Frikkie & Berg, Servaas van der & Maltitz, Michael von, 2006. "Marketable Wealth in a Poor African Country," MPRA Paper 9063, University Library of Munich, Germany.
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