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Slow real wage growth during the industrial revolution: productivity paradox or pro-rich growth?
journal contribution
posted on 2023-06-09, 23:04 authored by Nicholas CraftsI examine the implications of technological change for productivity, real wages and factor shares during the industrial revolution using recently available data. This shows that real GDP per worker grew faster than real consumption earnings but labour’s share of national income changed little as real product wages grew at a similar rate to labour productivity in the medium term. The period saw modest total factor productivity growth which limited the growth both of real wages and of labour productivity. Economists looking for an historical example of rapid labour-saving technological progress having a seriously adverse impact on labour’s share must look elsewhere.
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- Published
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- Accepted version
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Oxford Economic PapersISSN
0030-7653Publisher
Oxford University PressExternal DOI
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- Economics Publications
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- Yes
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- Yes
Legacy Posted Date
2021-02-15First Open Access (FOA) Date
2023-02-21First Compliant Deposit (FCD) Date
2021-02-15Usage metrics
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