Engel's pause: a pessimist's guide to the British Industrial Revolution
The paper reviews the macroeconomic data describing the British economy from 1760 to 1913 and shows that it passed through a two stage evolution of inequality. In the first half of the nineteenth century, the real wage stagnated while output per worker expanded. The profit rate doubled and the share...
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| Format: | Working paper |
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University of Oxford
2007
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