Evolution or revolution? a study of price and wage volatility in England, 1200-1900

Catherine Casson, John Fry and Mark Casson

MPRA Paper from University Library of Munich, Germany

Abstract: Using annual data 1209-1914, this paper examines whether there are structural breaks in the movements of prices and wages that correspond to the major ‘revolutions’ identified in historical narratives. Econometric modelling of trend and volatility in prices and wages confirms the importance of the Commercial Revolution and the Glorious Revolution, but suggests that the Industrial Revolution may be better described in evolutionary terms. The evidence also points to a late medieval revolution at the time of the Good Parliament, shortly after the Black Death and just before the Peasant’s Revolt. This supports Britnell and Campbell’s commercialisation hypothesis - that the institutional pre-conditions for the Industrial Revolution began to develop at a very early date.

Keywords: Economic evolution; Economic revolution; Historical economics (search for similar items in EconPapers)
JEL-codes: E30 N00 N23 (search for similar items in EconPapers)
Date: 2011-06-13
New Economics Papers: this item is included in nep-his
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:31518

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