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Inequality in Pre-Industrial Europe (1260-1850): New Evidence from the Labour Share

Author

Listed:
  • Giovanni Federico
  • Alessandro Nuvolari
  • Michelangelo Vasta

    (Division of Social Science)

Abstract

The dynamics of economic inequality and its relation with economic growth in the preindustrial world is increasingly attracting the attention of both economic historians and economists. This paper introduces new estimates of the labour share in five major European countries (England, France, Holland, Spain and Portugal) for the period 1250-1850 constructed using an innovative method based on the conversion of real wages in 2011 PPP US$. We find a complex pattern of evolution of the labour share with major fluctuations. We also establish a negative correlation between variations of GDP and variations in the labour share. JEL Codes:N33, N01

Suggested Citation

  • Giovanni Federico & Alessandro Nuvolari & Michelangelo Vasta, 2020. "Inequality in Pre-Industrial Europe (1260-1850): New Evidence from the Labour Share," Working Papers 20200051, New York University Abu Dhabi, Department of Social Science, revised Jul 2020.
    • Handle: RePEc:nad:wpaper:20200051
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    File URL: https://nyuad.nyu.edu/content/dam/nyuad/academics/divisions/social-science/working-papers/2020/0051.pdf
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    JEL classification:

    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods

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