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Unreal Wages? A New Empirical Foundation for the Study of Living Standards and Economic Growth in England, 1260-1860

Author

Listed:
  • Jane Humphries
  • Jacob Weisdorf

Abstract

Existing measures of historical real wages suffer from the fundamental problem that workers’annual incomes are estimated on the basis of day wages without knowingthelength ofthe working year. We circumvent this problem by presenting a novel wage series of male workersemployed on annual contracts. We use evidence of labour market arbitrage to argue that existing real wage estimates are badly off target, because they overestimate the medieval working year but underestimate the industrial one. Our data suggests that modern economic growth began two centuries earlier than hitherto thought and was driven by an ‘Industrious Revolution’.

Suggested Citation

  • Jane Humphries & Jacob Weisdorf, 2016. "Unreal Wages? A New Empirical Foundation for the Study of Living Standards and Economic Growth in England, 1260-1860," Oxford Economic and Social History Working Papers _147, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:esohwp:_147
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    Cited by:

    1. Boško Mijatović & Branko Milanović, 2021. "The real urban wage in an agricultural economy without landless farmers: Serbia, 1862–1910," Economic History Review, Economic History Society, vol. 74(2), pages 424-448, May.
    2. Elie Gray & André Grimaud & David Le Bris, 2018. "The Farmer, the Blue-collar, and the Monk: Understanding Economic Development through Saturations of Demands and Non-Homothetic Productivity Gains," CESifo Working Paper Series 6970, CESifo.
    3. , Stone Center & Bleynat, Ingrid & Challú, Amílcar & Segal, Paul, 2020. "Inequality, Living Standards and Growth: Two Centuries of Economic Development in Mexico," SocArXiv 9ztb7, Center for Open Science.
    4. Gary, Kathryn E. & Olsson, Mats, 2019. "Men at work: Real wages from annual and casual labour in southern Sweden 1500–1850," Lund Papers in Economic History 194, Lund University, Department of Economic History.
    5. Bleynat, Ingrid & Challú, Amílcar & Segal, Paul, 2020. "Inequality, living standards and growth: two centuries of economic development in Mexico," LSE Research Online Documents on Economics 105215, London School of Economics and Political Science, LSE Library.
    6. Gray, Elie & Grimaud, André & Le Bris, David, 2018. "The Farmer, the Blue-collar, and the Monk: Understanding economic development through saturations of demands and non-homothetic productivity gains," TSE Working Papers 18-906, Toulouse School of Economics (TSE).
    7. MADSEN, Jakob B, 2018. "Is Inequality Increasing in r-g? The Dynamics of Capital’s Income Share in the UK, 1210-2013," Discussion paper series HIAS-E-70, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
    8. Paolo Malanima, 2018. "Italy in the Renaissance: a leading economy in the European context, 1350–1550," Economic History Review, Economic History Society, vol. 71(1), pages 3-30, February.
    9. Gregory Clark, 2018. "Growth or stagnation? Farming in England, 1200–1800," Economic History Review, Economic History Society, vol. 71(1), pages 55-81, February.
    10. Gary, Kathryn, 2019. "The distinct seasonality of early modern casual labor and the short durations of individual working years: Sweden 1500-1800," Lund Papers in Economic History 189, Lund University, Department of Economic History.
    11. Gabriel Jover-Avellà & Antoni Mas-Forners & Ricard Soto-Company & Enric Tello, 2018. "Socioecological Transition in Land and Labour Exploitation in Mallorca: From Slavery to a Low-Wage Workforce, 1229–1576," Sustainability, MDPI, vol. 11(1), pages 1-26, December.

    More about this item

    Keywords

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    JEL classification:

    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • J4 - Labor and Demographic Economics - - Particular Labor Markets
    • J5 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining
    • J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers
    • J7 - Labor and Demographic Economics - - Labor Discrimination
    • J8 - Labor and Demographic Economics - - Labor Standards
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913

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