ECON 334 Lecture 5: INDUSTRIOUS REVOLUTION - L05
Document Summary
Last lecture recap: wages, a measure of living standards. In malthusian economies, wages were stable in the long run. Income per capita varied widely across malthusian economies. Before 1800, differences in height were not determined by technology, but rather by different birth and death rates. Another measure of living standards: hours worked: the amount of labor time spent to earn income is one important determinant of living standards. Imagine two societies with the same income per capita. If in one of them people work less than in the other, they have more time for leisure and are therefore better off. In modern societies, people work between 8 and 9 hours per day. De vries called this phe(cid:374)o(cid:373)e(cid:374)o(cid:374) the (cid:862)i(cid:374)dustrious re(cid:448)olutio(cid:374). (cid:863: we (cid:374)o(cid:449) tur(cid:374) our atte(cid:374)tio(cid:374) to de vries(cid:859) paper (cid:862)the i(cid:374)dustrial e(cid:448)olutio(cid:374) a(cid:374)d the. Inprimis a cupboard, two tables, 2 forms, 4 chairs, certain cushions and stools. Item his apparel and money in his purse.
