Witnesses' accounts are used to analyze changes in working hours between 1750 and 1800. Two findings stand out. The article demonstrates that the information contained in witnesses' accounts allows us to reconstruct historical time-budgets and provides extensive tests of the new method. Estimates of annual labor input in 1749/63 and 1799/1803 are presented. It emerges that the number of annual working hours changed rapidly between the middle and the of the eighteenth century. These findings have important implications for the issue of total factor productivity during the Industrial Revolution.

This article studies the long-run relationship between the capital share in national income and top personal income shares. Using a newly constructed historical cross-country database on capital shares and top income data, we find evidence on a strong, positive link that has grown stronger over the past century. The connection is stronger in Anglo-Saxon countries, in the very top of the distribution, when top capital incomes predominate, when using distributed top national income shares, and when considering gross of depreciation capital shares. Out of-sample predictions of top shares using capital shares indicates several cases of over- or underestimation.

The British Industrial Revolution is reviewed in the light of recent developments in modeling economic growth. It is argued that ”endogenous innovation” models may be useful in this context particularly for understanding why total factor productivity growth rose only slowly. ”Macroinventions” were central to economic development in this period, however, and these are best seen as exogenous technological shocks. Although new growth theorists would easily identify higher growth potential in eighteenth-century Britain than in France, explaining the timing of the acceleration in growth remains elusive. A research agenda to develop further insights from new growth ideas is proposed.

This article attempts to provide a new view of how the bimetallic standard was maintained before 1873 and how it came to change into a monometallic gold standard between 1870 and 1880. The conventional view that the gold standard emerged out of the contradictions of bimetallism is not persuasive. Instead, this article claims that bimetallism might have survived and provides an alternative explanation of the emergence of the gold standard. Political and historical factors proved essential in precipitating the uncoordinated emergence of the international gold standard.

The skills and knowledge necessary for patentable invention during early American industrialization were widely dispersed among the general population. This endowment permitted a rather elastic supply of patentable ideas over the relevant range as the expansion of markets induced more individuals to invent and innovate.Although a broadening of the ranks of patentees was primarily responsible for the initial acceleration of patenting, the importance of patentees with greater long-term investments in inventive activity increased during later stages of development.

Understanding long-term changes in human well-being is central to understanding the consequences of economic development. An extensive anthropometric literature purports to show that heights in the United States declined between the 1830s and the 1890s, which is when the U.S. economy modernized. Most anthropometric research contends that declining heights reflect the negative health consequences of industrialization and urbanization. This interpretation, however, relies on sources subject to selection bias. Our meta-analysis shows that the declining height during industrialization emerges primarily in selected samples. We also develop a parsimonious diagnostic test that reveals, but does not correct for, selection bias in height samples. When applied to four representative height samples, the diagnostic provides compelling evidence of selection.

Fundamental to the Malthusian model of pre-industrial society is the assumption that higher income increased reproductive success. Despite the seemingly inescapable logic of this model, its empirical support is weak. We examine the link between income and net fertility using data from wills on reproductive success, social status and income for England 1585–1638. We find that for this society, close to a Malthusian equilibrium, wealth robustly predicted reproductive success. The richest testators left twice as many children as the poorest. Consequently, in this static economy, social mobility was predominantly downwards. The result extends back to at least 1250 in England.

The enormous Nazi voting literature rarely builds on modern statistical or economic research. By adding these approaches, we find that the most widely accepted existing theories of this era cannot distinguish the Weimar elections from almost any others in any country. Via a retrospective voting account, we show that voters most hurt by the depression, and most likely to oppose the government, fall into separate groups with divergent interests. This explains why some turned to the Nazis and others turned away. The consequences of Hitler's election were extraordinary, but the voting behavior that led to it was not.

This article offers a new quantitative history of the market for government debt in France before the Revolution. The monarchy was a persistent default risk because of institutional obstacles to raising taxes. Default followed observable rules in targeting specific assets. The financial market reflected both facts: interest rates were high on the safest assets and ranged higher on the most likely default targets. The cost of all forms of new borrowing became substantially higher than the yields on old debt, resulting in increasing government reliance on expensive life annuities.

Comparative methods are used to examine two hypotheses derived from Wrigley and Schofield's Population History of England. Contrary to their expectations, economic shocks produced greater marriage responses in France than in England, and the early onset of family limitation in France did not increase the responsiveness of marital fertility to living standards in the aggregate. Mortality was strongly dependent on economic shocks only in France prior to 1740. The results question the usefulness of Maithusian models for early modern European economic history.

This article examines the relationship between capital market development and industrial structure during the early stages of industrialization, contrasting the experiences of Brazil, Mexico, and the United States. It argues that constraints placed on the formation of credit intermediaries in Latin America by poorly defined property rights and government regulatory policies produced greater concentration in the Mexican and Brazilian cotton textile industries than that which developed in the United States.

By surveying contemporary sources this article reveals direct evidence for the involvement of the South Sea Company in the passage of the Bubble Act. The dominant position of the Company and of its national debt conversion scheme in the affairs of England in 1720 support the conclusion that the act was in fact a piece of special-interest legislation for the Company. The short-term interest that motivated the enactment, together with the limited legal and economic effects of the act, minimized its significance as a turning point in the long-term development of the English joint-stock company.

A general transaction cost framework is developed to analyze the costs of exchange and the role of government in the costs of exchange. Three general types of exchange are specified: personal exchange, exchange without third-party enforcement, and exchange with third-party enforcement. The framework is then employed to analyze government and the costs of exchange in history.

This article reexamines the economics of premodern apprenticeship in England. I present new data showing that a high proportion of apprenticeships in seventeenth-century London ended before the term of service was finished. I then propose a new account of how training costs and repayments were distributed over the apprenticeship contract such that neither master nor apprentice risked significant loss from early termination. This new account fits both the characteristics of premodern apprenticeship and what is known about the acquisition of skills in modern and premodern societies.

The effects of the G.I. Bill on collegiate attainment may have differed for black and white Americans owing to differential returns to education and differences in opportunities at colleges and universities, with men in the South facing explicitly segregated colleges. The empirical evidence suggests that World War II and the availability of G.I. benefits had a substantial and positive impact on the educational attainment of white men and black men born outside the South. However, for those black veterans likely to be limited to the South in their educational choices, the G.I. Bill had little effect on collegiate outcomes.

From the 1930s to the 1980s, economic policies in Latin America epitomized the inward-looking model of development. The model emerged in the Depression, and was later codified in unorthodox economic theories. Even though economic performance was seen as disappointing by the 1960s, the distortions persisted and worsened into the 1970s and 1980s. This article examines the costs of distortions and explores the structural differences between growth dynamics in Latin America and elsewhere. Distortions had profound effects on many aspects of the growth process, help explain divergent development, and raise important questions about economic growth and the evolution of institutions.

The economic system of the Ottoman Empire and its basic economic principles derived from a traditional view of state and society which had prevailed since antiquity in the empires of the Near East. This theory, since it determined the attitude and policy of the administrators, was of considerable practical importance.

The partition of German Togoland after World War I provides a natural experiment to test the impact of British and French colonization. Using data of recruits to the Ghanaian colonial army 1908–1955, we find that literacy and religious affiliation diverge at the border between the parts of Togoland under British and French control as early as in the 1920s. We partly attribute this to policies towards missionary schools. The divergence is only visible in the South where educational and evangelization efforts were strong. Contemporary survey data show that border effects that began in colonial times still persist today.

We construct the first time-series for Portugal’s per capita GDP for 1527–1850, drawing on a new database. Starting in the early 1630s there was a highly persistent upward trend which accelerated after 1710 and peaked 40 years later. At that point, per capita income was high by European standards, though behind the most advanced Western European economies. But as the second half of the eighteenth century unfolded, a phase of economic decline was initiated. This continued into the nineteenth century, and by 1850 per capita incomes were not different from what they had been in the early 1530s.

Labor force participation rates for American men sixty and over are estimated for the period 1870 through 1937. They suggest a higher frequency of retirement and quite different trends in the incidence of retirement than have usually been supposed. Evidence is also presented to establish that many older industrial workers changed to less renumerative and less demanding occupations late in their working life. This “on-the-job retirement” may have made the transition from employment to full retirement less sudden than today.