Munich Personal RePEc Archive

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

Casson, Catherine and Fry, J. M. and Casson, Mark (2011): Evolution or revolution? a study of price and wage volatility in England, 1200-1900.

[img]
Preview
PDF
MPRA_paper_31518.pdf

Download (619kB) | Preview

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.

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.