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The Macroeconomic Aggregates for England, 1209-2008

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  • Gregory Clark

    (Department of Economics, University of California Davis)

Abstract

Estimates are developed of the major macroeconomic aggregates – wages, land rents, interest rates, prices, factor shares, sectoral shares in output and employment, and real wages – for England by decade between 1209 and 2008. The efficiency of the economy 1209-2008 is also estimated. One finding is that the growth of real wages in the Industrial Revolution era and beyond was faster than the growth of output per person. Indeed until recently the greatest recipient of modern growth in England has been unskilled workers. The data also creates a number of puzzles, the principle one being the very high levels of output and efficiency estimated for England in the medieval era. This data is thus inconsistent with the general notion that there was a period of Smithian growth between 1300 and 1800 which preceded the Industrial Revolution, as expressed in such recent works as De Vries (2008).

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Bibliographic Info

Paper provided by University of California, Davis, Department of Economics in its series Working Papers with number 919.

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Length: 105
Date of creation: 28 Oct 2009
Date of revision:
Handle: RePEc:cda:wpaper:09-19

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Related research

Keywords: Long Run Growth;

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Cited by:
  1. Strulik, Holger, 2009. "Knowledge and Growth in the Very Long-Run," Hannover Economic Papers (HEP) dp-414, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  2. Stephen Broadberry & Bruce Campbell & Alexander Klein & Mark Overton & Bas van Leeuwen, 2012. "British Economic Growth, 1270-1870: an output-based approach," Studies in Economics 1203, Department of Economics, University of Kent.
  3. Berthold Herrendorf & Richard Rogerson & Ákos Valentinyi, 2013. "Growth and Structural Transformation," NBER Working Papers 18996, National Bureau of Economic Research, Inc.
  4. Jason Collins & Boris Baer & Ernst Juerg Weber, 2011. "Economic Growth And Evolution: Parental Preference For Quality And Quantity Of Offspring," Economics Discussion / Working Papers 11-05, The University of Western Australia, Department of Economics.
  5. António Henriques, 2014. "Plenty of Land, Land of Plenty. The Agrarian Output of Portugal (1311-20)," FEP Working Papers 520, Universidade do Porto, Faculdade de Economia do Porto.
  6. Clark, Gregory, 2010. "1381 and the Malthus Delusion," MPRA Paper 25466, University Library of Munich, Germany.
  7. Gregory Clark & Joe Cummins & Brock Smith, 2010. "The Surprising Wealth of Pre-industrial England," Working Papers 1014, University of California, Davis, Department of Economics.
  8. Harley, C. Knick, 2012. "Was technological change in the early Industrial Revolution Schumpeterian? Evidence of cotton textile profitability," Explorations in Economic History, Elsevier, vol. 49(4), pages 516-527.
  9. Clark, Gregory, 2010. "The Consumer Revolution: Turning Point in Human History, or Statistical Artifact?," MPRA Paper 25467, University Library of Munich, Germany.

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