The High Wage Economy and the Industrial Revolution: A Restatement
The High Wage Economy and the Industrial Revolution: A Restatement.— M.: Publishing House Delo RANEPA, 2013. – 36 p. – (Working Paper: Economics).
36 Pages Posted: 29 Sep 2015
Date Written: 2013
This article responds to Professor Jane Humphries’ critique of my assessment of the high wage economy of eighteenth century British and its importance for explaining the Industrial Revolution. New Evidence is presented to show that women and children participated in the high wage economy. It is also shown that the high wage economy provides a good explanation of why the Industrial Revolution happened in the eighteenth century by showing that increases of women’s wages around 1700 greatly increased the profitability of using spinning machinery. The relationship between the high wage economy of the eighteenth century and the inequality and poverty in Britain in the nineteenth century is explored.
Keywords: high wage economy, industrial revolution
JEL Classification: J31, J310
Suggested Citation: Suggested Citation