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The Macroeconomic Aggregates for England, 1209-2008

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  • Gregory Clark

    (Department of Economics, University of California Davis)

Abstract

Estimates are developed of the major macroeconomic aggregates ? wages, land rents, interest rates, prices, factor shares, sectoral shares in output and employment, and real wages ? for England by decade between 1209 and 2008. The efficiency of the economy 1209-2008 is also estimated. One finding is that the growth of real wages in the Industrial Revolution era and beyond was faster than the growth of output per person. Indeed until recently the greatest recipient of modern growth in England has been unskilled workers. The data also creates a number of puzzles, the principle one being the very high levels of output and efficiency estimated for England in the medieval era. This data is thus inconsistent with the general notion that there was a period of Smithian growth between 1300 and 1800 which preceded the Industrial Revolution, as expressed in such recent works as De Vries (2008).

Suggested Citation

  • Gregory Clark, 2009. "The Macroeconomic Aggregates for England, 1209-2008," Working Papers 919, University of California, Davis, Department of Economics.
  • Handle: RePEc:cda:wpaper:09-19
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    File URL: http://wp.econ.ucdavis.edu/09-19.pdf
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    Blog mentions

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    1. Ian Morris’s calculations about the ancient Greek economy
      by pseudoerasmus in Pseudoerasmus on 2015-04-04 18:48:32
    2. The Little Divergence
      by pseudoerasmus in Pseudoerasmus on 2014-06-12 05:05:47

    Citations

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    Cited by:

    1. Clark, Gregory, 2010. "The Consumer Revolution: Turning Point in Human History, or Statistical Artifact?," MPRA Paper 25467, University Library of Munich, Germany.
    2. Stephen Broadberry & Bruce Campbell & Alexander Klein & Mark Overton & Bas van Leeuwen, 2012. "British Economic Growth, 1270-1870: an output-based approach," Studies in Economics 1203, School of Economics, University of Kent.
    3. Clark, Gregory, 2013. "1381 and the Malthus delusion," Explorations in Economic History, Elsevier, vol. 50(1), pages 4-15.
    4. António Henriques, 2014. "Plenty of Land, Land of Plenty. The Agrarian Output of Portugal (1311-20)," FEP Working Papers 520, Universidade do Porto, Faculdade de Economia do Porto.
    5. Collins, Jason & Baer, Boris & Weber, Ernst Juerg, 2014. "Economic Growth And Evolution: Parental Preference For Quality And Quantity Of Offspring," Macroeconomic Dynamics, Cambridge University Press, vol. 18(08), pages 1773-1796, December.
    6. Herrendorf, Berthold & Rogerson, Richard & Valentinyi, Ákos, 2014. "Growth and Structural Transformation," Handbook of Economic Growth,in: Handbook of Economic Growth, edition 1, volume 2, chapter 6, pages 855-941 Elsevier.
    7. Gregory Clark & Joe Cummins & Brock Smith, 2010. "The Surprising Wealth of Pre-industrial England," Working Papers 1014, University of California, Davis, Department of Economics.
    8. Holger Strulik, 2014. "Knowledge And Growth In The Very Long Run," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55, pages 459-482, May.
    9. Morgan Kelly & Cormac Ó Gráda, 2014. "Living standards and mortality since the middle ages," Economic History Review, Economic History Society, vol. 67(2), pages 358-381, May.
    10. Harley, C. Knick, 2012. "Was technological change in the early Industrial Revolution Schumpeterian? Evidence of cotton textile profitability," Explorations in Economic History, Elsevier, vol. 49(4), pages 516-527.
    11. Tiago Neves Sequeira & Pedro Mazeda Gil & Oscar Afonso, 2016. "Growth without scale effects due to entropy," FEP Working Papers 575, Universidade do Porto, Faculdade de Economia do Porto.

    More about this item

    Keywords

    Long Run Growth;

    JEL classification:

    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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