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Falling real wages during an industrial revolution
Ciccone, Antonio
Universitat Pompeu Fabra. Departament d'Economia i Empresa
The Industrial Revolution was characterized by technologicalprogress and an increasing capital intensity. Why did real wages stagnateor fall in the beginning? I answer this question by modeling the IndustrialRevolution as the introduction of a relatively more capital intensiveproduction method in a standard neoclassical framework. I show that{\sl real wages fall in the beginning of an industrial revolution if andonly if technological progress in the relatively more capital intensivesector is relatively fast.}
15-09-2005
Macroeconomics and International Economics
industrial revolution
technological change
capital intensive
production
neoclassical growth model
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