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The Price of Time and Labour Supply: From the Black Death to the Industrious Revolution

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  • Mark Koyama

Abstract

In pre-industrial economies labour supply curves often bend backwards at very low levels of income. This changed prior to the industrial revolution: total working hours increased (De Vries (1993), Voth (1998, 2000)). This paper examines this industrious revolution using a model of labour supply where consumption takes time. This analytical framework enables us to draw a distinction between a pessimistic account of the industrious revolution as suggested by Van Zanden (2006) and an optimistic account advanced by de Vries (2008) of an industrious revolution driven by changing patterns of demand. This formulation clarifies the importance of new consumption opportunities in driving hours worked.

Suggested Citation

  • Mark Koyama, 2009. "The Price of Time and Labour Supply: From the Black Death to the Industrious Revolution," Oxford Economic and Social History Working Papers _078, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:esohwp:_078
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    Cited by:

    1. Paul David & S. Ryan Johansson & Andrea Pozzi, 2010. "The Demography of an Early Mortality Transition: Life Expectancy, Survival and Mortality Rates for Britain's Royals, 1500-1799," Oxford Economic and Social History Working Papers _083, University of Oxford, Department of Economics.
    2. Paul A. David & S. Ryan Johansson & Andrea Pozzi, 2010. "The Demography of an Early Mortality Transition: Life Expectancy, Survival and Mortality Rates for Britain's Royals, 1500-1799," Oxford University Economic and Social History Series _083, Economics Group, Nuffield College, University of Oxford.

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    More about this item

    Keywords

    Labour supply; Industrious revolution; Consumption; Time allocation;
    All these keywords.

    JEL classification:

    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply

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