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New Income Comparisons for the late Nineteenth and Early Twentieth Century

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  • Marianne Ward
  • John Devereux

Abstract

We provide current price GDP comparisons covering 13 Western economies for 1872 and 1910. The current price measures compare income with the prices of the comparison year rather than the fixed recent prices of earlier approaches. Our work fills a gap in the literature since current price GDP comparisons generally do not reach before 1950. As it turns out, the current price results differ from the familiar Maddison projections in constant 1990 prices as they raise relative income for the U.S. and Canada while they lower income for Belgium, the Netherlands, Switzerland and the U.K.

Suggested Citation

  • Marianne Ward & John Devereux, 2021. "New Income Comparisons for the late Nineteenth and Early Twentieth Century," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(1), pages 222-247, March.
    • Handle: RePEc:bla:revinw:v:67:y:2021:i:1:p:222-247
    DOI: 10.1111/roiw.12466
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