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Evolution or revolution? a study of price and wage volatility in England, 1200-1900

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  • Casson, Catherine
  • Fry, J. M.
  • Casson, Mark

Abstract

Using annual data 1209-1914, this paper examines whether there are structural breaks in the movements of prices and wages that correspond to the major ‘revolutions’ identified in historical narratives. Econometric modelling of trend and volatility in prices and wages confirms the importance of the Commercial Revolution and the Glorious Revolution, but suggests that the Industrial Revolution may be better described in evolutionary terms. The evidence also points to a late medieval revolution at the time of the Good Parliament, shortly after the Black Death and just before the Peasant’s Revolt. This supports Britnell and Campbell’s commercialisation hypothesis - that the institutional pre-conditions for the Industrial Revolution began to develop at a very early date.

Suggested Citation

  • Casson, Catherine & Fry, J. M. & Casson, Mark, 2011. "Evolution or revolution? a study of price and wage volatility in England, 1200-1900," MPRA Paper 31518, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:31518
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    References listed on IDEAS

    as
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    4. Angus Deaton & Guy Laroque, 1992. "On the Behaviour of Commodity Prices," Review of Economic Studies, Oxford University Press, vol. 59(1), pages 1-23.
    5. Allen,Robert C., 2009. "The British Industrial Revolution in Global Perspective," Cambridge Books, Cambridge University Press, number 9780521868273, December.
    6. Carlos, Ann M., 2003. "The Rise of Commercial Empires: England and the Netherlands in the Age of Mercantilism, 1650 1770. By David Ormond. Cambridge: Cambridge University Press, 2003. Pp. ix, 388. $75.00," The Journal of Economic History, Cambridge University Press, vol. 63(04), pages 1154-1155, December.
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    More about this item

    Keywords

    Economic evolution; Economic revolution; Historical economics;

    JEL classification:

    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • N00 - Economic History - - General - - - General

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