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Capital Accumulation, Technological Change, and the Distribution of Income during the British Industrial Revolution.

Abstract:

The paper reviews the macroeconomic data describing the British economy during the industrial revolution and shows that they contain a story of dramatically increasing inequality between 1800 and 1840: GDP per worker rose 37%, real wages stagnated, and the profit rate doubled. The share of profits in national income expanded at the expense of labour and land. A "Cambridge-Cambridge" model of economic growth and income distribution is developed to explain these trends. An aggregate production ...

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Robert C. Allen More by this author
Volume:
239
Series:
Discussion Papers
Publication date:
2005
URN:
uuid:ee5e13de-74db-44ce-adca-9f760e5fe266
Local pid:
ora:1278
Language:
English

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