Wages and Prices during the Antebellum Period: A Survey and New Evidence
In: American Economic Growth and Standards of Living before the Civil War
The purpose of this paper is to survey recent research on wages and prices in the united States before the civil War. The basic conclusion is that, while much progress has been made in documenting regional, temporal and occupational differentials, further insights will require a large amount of new evidence, particularly on retail prices. The paper also uses existing regional data on wholesale prices to construct new regional indices of real wages for artisans and unskilled labor from 1821 to 1856. The new indices suggest that real wage growth was less than previously thought in the 1930s and that growth was, by comparison with later periods in American history, very erratic in the short-run. The erratic nature of real wage growth was a consequence of persistent effects of price and real shocks.
(This abstract was borrowed from another version of this item.)
|This chapter was published in: ||This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number
8010.||Handle:|| RePEc:nbr:nberch:8010||Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
Web page: http://www.nber.org
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Williamson, Jeffrey G., 1974. "Watersheds and Turning Points: Conjectures on the Long-Term Impact of Civil War Financing," The Journal of Economic History, Cambridge University Press, vol. 34(03), pages 636-661, September.
- John A. James & Jonathan S. Skinner, 1984.
"The Resolution of the Labor Scarcity Paradox,"
NBER Working Papers
1504, National Bureau of Economic Research, Inc.
- Peter H. Lindert & Jeffrey G. Williamson, 1983. "English Workers’Living Standards During the Industrial Revolution: A New Look," Economic History Review, Economic History Society, vol. 36(1), pages 1-25, 02.
- James, John A., 1989. "The stability of the 19th-century Phillips curve relationship," Explorations in Economic History, Elsevier, vol. 26(2), pages 117-134, April.
- Rothenberg, Winifred B., 1988. "The Emergence of Farm Labor Markets and the Transformation of the Rural Economy: Massachusetts, 1750–1855," The Journal of Economic History, Cambridge University Press, vol. 48(03), pages 537-566, September.
When requesting a correction, please mention this item's handle: RePEc:nbr:nberch:8010. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.