Considering the counterfactual: real wages in the first industrial revolution

Crafts, Nicholas and Mills, Terence C (2021) Considering the counterfactual: real wages in the first industrial revolution. The Economic Journal. ISSN 0013-0133

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We investigate a structural model of demographic-economic interactions for England during 1570 to 1850. We estimate that the annual rate of population growth consistent with constant real wages was 0.4% before 1760 but 1.5% thereafter. We find that exogenous shocks increased population growth dramatically in the early decades of the Industrial Revolution. Simulations of our model show that if these demographic shocks had occurred before the Industrial Revolution the impact on real wages would have been catastrophic and that these shocks were largely responsible for very slow growth of real wages during the Industrial Revolution.

Item Type: Article
Keywords: epidemic disease, Industrial Revolution, nuptiality, population growth, real wages, technological progress
Schools and Departments: University of Sussex Business School > Economics
SWORD Depositor: Mx Elements Account
Depositing User: Mx Elements Account
Date Deposited: 27 Sep 2021 08:24
Last Modified: 13 Oct 2021 11:15

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