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The Price of Time and Labour Supply: From the Black Death to the Industrious Revolution

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Author Info
Mark Koyama (Wadham College and Department of Economics, University of Oxford, UK.)

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Abstract

In pre-industrial economies labour supply curves often bend backwards at very low levels of income. This changed prior to the industrial revolution: total working hours increased (De Vries (1993, Voth (1998,2000). This paper examines this industrious revolution using a model of labour supply where consumption takes time. This analytical framework enables us to draw a distinction between a pessimistic account of the industrious revolution as suggested by Van Zanden (2006) and an optimistic account advanced by de Vries (2008) of an industrious revolution driven by changing patterns of demand. This formulation clarifies the importance of new consumption opportunities in driving hours worked.

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File URL: http://www.nuffield.ox.ac.uk/economics/History/Paper78/78koyama.pdf
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Publisher Info
Paper provided by Economics Group, Nuffield College, University of Oxford in its series Oxford University Economic and Social History Series with number _078.

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Length: 49 pages
Date of creation: 01 Sep 2009
Date of revision:
Handle: RePEc:nuf:esohwp:_078

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Web page: http://www.nuff.ox.ac.uk/economics/

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Related research
Keywords: labour supply; industrious revolution; consumption; time allocation;

Find related papers by JEL classification:
N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply

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This page was last updated on 2009-11-25.

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