Income Levels During The Industrial Revolution

Marianne ward john devereux.

Income levels during the industrial revolution. Request pdf relative british and american income levels during the first industrial revolution we provide new measures of relative uk and us gdp per capita and output per. Relative british and american income levels during the first industrial revolution marianne ward department of economics loyola college baltimore maryland 21210 2699 e mail mward3 loyola edu john devereux department of economics queens college. Queen victoria s income says a late english paper amounts to the snug little sum of 500 000 pounds per annum or nearly equal to two millions five hundred thousand dollars yearly. Williamson and lindert 1980.

The empirical work by peter lindert and jeffrey williamson has indeed shown that in britain and the united states income inequality rose during the initial stages of the industrial revolution lindert and williamson 1976 1982 1983. The industrial revolution was the first period in history during which there was a simultaneous increase in both population and per capita income. During the late 18th century following the adoption of capitalist economic principles. Relative british and american income levels during the first industrial revolution author.

They show that the us leads in income per capita and output per worker compared to great britain and the united kingdom. We check our estimates against sectoral productivity data and real wages. This would make in round numbers 48 076 per week 6 868 per day 232 per hour 4 70 per minute. Historians agree that the industrial revolution was one of the most important events in history marking the rapid transition to the modern age but they disagree vehemently about many aspects of the event.