Crafts, Nicholas (2021) Slow real wage growth during the industrial revolution: productivity paradox or pro-rich growth? Oxford Economic Papers. ISSN 0030-7653

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Abstract

I 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.

Item Type:	Article
Schools and Departments:	University of Sussex Business School > Economics
SWORD Depositor:	Mx Elements Account
Depositing User:	Mx Elements Account
Date Deposited:	15 Feb 2021 07:40
Last Modified:	21 Feb 2023 02:00
URI:	http://sro.sussex.ac.uk/id/eprint/97149

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