Testable implications of economic revolutions: An application to historic data on European wages

Autor:	Fry, J. M., Masood, Omar
Rok vydání:	2011
Předmět:	Historical Economics Economic Revolutions Economic Evolution European Wages jel:N01 jel:N00 jel:G00
Popis:	Motivated by an on-going debate in economic history we develop a simple method to quantify the impact of economic revolutions upon a novel historical data set listing the wages of building craftsmen and labourers in Southeast Europe. Structural breaks are found in the data and signify the effects of economic revolutions. With a small number of localised exceptions economic revolutions, caused by technological and administrative progress, lead to a decrease in the long-term level of wage volatility and overall results suggest close analogies between biological and economic evolution. The Commercial Revolution (mid 16th-early 18th centuries) acts as an important pre-requisite for the later Industrial Revolution (mid 18th-19th centuries). The Price Revolution (15th-16th centuries) results in some short-term increases in wage volatility.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=od_______645::631ff14aa0a55dc5434f388174092bb6 https://mpra.ub.uni-muenchen.de/32812/1/MPRA_paper_32812.pdf Zobrazit plný text záznamu