Wages and Economic Theories in Industrial Revolution

The video explores living standards and factor shares during the Industrial Revolution, focusing on Robert Allen's work. It discusses the slow progress in real wages despite productivity gains, highlighting two phases of the Industrial Revolution. The first phase saw minimal wage growth, while the second phase experienced significant increases. The video also examines returns to capital and land, challenging predictions by Smith and Ricardo. Additional resources for further study are provided.

Which economist's work is highlighted in the introduction as a key piece for understanding the Industrial Revolution?

• David Ricardo

• Robert Allen

• Thomas Malthus

• Adam Smith

What was the general belief of economists like Ricardo, Malthus, and Marx regarding real wages during economic growth?

• Real wages would significantly increase

• Real wages would remain roughly constant

• Real wages would decrease

• Real wages would fluctuate unpredictably

During the period from 1780 to 1840, by what percentage did real wages grow?

• 12%

• 123%

• 46%

• 30%

When did labor start to benefit from productivity gains during the Industrial Revolution?

• 1780

• 1900

• 1840

• 1770

What was the trend in output growth during the late 18th and 19th centuries?

• Declining

• Fluctuating

• Steady upward movement

• Stagnant

What was the prediction of Adam Smith and David Ricardo regarding the returns to land?

• Returns to land would decrease

• Returns to land would increase

• Returns to land would remain constant

• Returns to land would fluctuate

What does the data suggest about the returns to land throughout the 19th century?

• They increased significantly

• They remained constant

• They fell unambiguously

• They fluctuated widely

Which piece is considered possibly the best single work on wages during the Industrial Revolution?

• The Wealth of Nations

• Pessimism Perpetuated

• Engels' Pause

• The General Theory

Who are the authors of a more optimistic take on wages during the early Industrial Revolution?

• Gregory Clarke and Nicholas Crafts

• Adam Smith and Thomas Malthus

• Jeffrey Williamson and Peter Lindert

• Charles Feinstein and David Ricardo

Which economist's work is recommended for understanding living standards in England over several centuries?

• Gregory Clarke

• Robert Allen

• Nicholas Crafts

• Charles Feinstein