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Hours and Wages in the Depression: British Engineering, 1926-1938

  • Hart, Robert A

On their intensive margins, firms in the British engineering industry adjusted to the severe falls in demand during the 1930s Depression by cutting hours of work. This provided an important means of reducing labour input and marginal labour costs, through movements from overtime to short-time schedules. Nominal wages dropped relatively modestly while real wages continued to rise throughout the trough years of the recession. Empirical work is based on cell data from a panel of 28 local labour markets for the period 1926-38. The data dichotomise between skilled fitters and unskilled labourers and between time-rate and piece-rate workers. The findings have interesting implications for Phillips curve and wage curve studies.

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File URL: http://www.sciencedirect.com/science/article/B6WFJ-4582KHW-3/2/9c1d3c4ba7ab45314c1e34f40b968110
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Article provided by Elsevier in its journal Explorations in Economic History.

Volume (Year): 38 (2001)
Issue (Month): 4 (October)
Pages: 478-502

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Handle: RePEc:eee:exehis:v:38:y:2001:i:4:p:478-502
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622830

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  1. David Card, 1995. "The Wage Curve: A Review," Working Papers 722, Princeton University, Department of Economics, Industrial Relations Section..
  2. BALAND, Jean-Marie & DREZE, Jean & LERUTH, Luc, 1998. "Daily wages and piece rates in agrarian economies," CORE Discussion Papers 1998058, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Lazear, Edward P, 1986. "Salaries and Piece Rates," The Journal of Business, University of Chicago Press, vol. 59(3), pages 405-31, July.
  4. David Card & Dean Hyslop, 1997. "Does Inflation "Grease the Wheels of the Labor Market"?," NBER Chapters, in: Reducing Inflation: Motivation and Strategy, pages 71-122 National Bureau of Economic Research, Inc.
  5. Blanchflower, David G & Oswald, Andrew J, 1994. "Estimating a Wage Curve for Britain: 1973-90," Economic Journal, Royal Economic Society, vol. 104(426), pages 1025-43, September.
  6. Salop, Steven C, 1979. "A Model of the Natural Rate of Unemployment," American Economic Review, American Economic Association, vol. 69(1), pages 117-25, March.
  7. Schlicht, Ekkehart, 1978. "Labour Turnover, Wage Structure, and Natural Unemployment," Munich Reprints in Economics 1255, University of Munich, Department of Economics.
  8. Hoel, Michael & Vale, Bent, 1986. "Effects on unemployment of reduced working time in an economy where firms set wages," European Economic Review, Elsevier, vol. 30(5), pages 1097-1104, October.
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