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A Window to the Past: Living standards in historical perspective

Author

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  • Arroyo Abad, Leticia
  • Gary, Kathryn

Abstract

Real wages are a convenient, useful, and powerful way to learn how life was like in the past. In this chapter we start by reviewing the methodology behind real wage estimations and their history. Then we look at the how real wages have contributed to shedding light on major issues in economic history such as the onset of modern economic growth, the Great Divergence, and colonialism in the Americas. We continue to explain the limitations and challenges in estimating and interpreting real wages.

Suggested Citation

  • Arroyo Abad, Leticia & Gary, Kathryn, 2023. "A Window to the Past: Living standards in historical perspective," CEPR Discussion Papers 18449, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18449
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    More about this item

    Keywords

    Living standards; Real wages; Cost of living;
    All these keywords.

    JEL classification:

    • N3 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs

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