Pessimism Preserved: Real Wages in the British Industrial Revolution
AbstractThe paper compares Feinstein`s and Clark`s consumer price and real wage indices for the British industrial revolution. The sources for their weights and component price series are evaluated. While some of Clark`s innovations are improvements, many of his changes degrade the price index. A new price index is developed using the best components of Clark`s and Feinstein`s. This index is much closer to Feinstein`s than to Clark`s. The implied growth in real wages is also close to Feinstein`s and contradicts Clark`s `optimistic` view of rising working class living standards during the industrial revolution.
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Bibliographic InfoPaper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 314.
Date of creation: 01 Apr 2007
Date of revision:
Real Wage; Consumer Price Index; Inequality; Industrial Revoution;
Find related papers by JEL classification:
- D33 - Microeconomics - - Distribution - - - Factor Income Distribution
- E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
- N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
- N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O15 - Economic Development, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-12-01 (All new papers)
- NEP-HIS-2007-12-01 (Business, Economic & Financial History)
- NEP-LAB-2007-12-01 (Labour Economics)
- NEP-MAC-2007-12-01 (Macroeconomics)
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