American Economic Growth and Standards of Living before the by Robert E. Gallman, John Joseph Wallis

By Robert E. Gallman, John Joseph Wallis

This benchmark quantity addresses the talk over the results of early industrialization on criteria of dwelling in the course of the many years ahead of the Civil conflict. Its participants show that the combination antebellum economic climate was once growing to be quicker than the other huge economic system had grown before.

Despite the dramatic financial progress and upward thrust in source of revenue degrees, questions stay as to the final caliber of lifestyles in this period. was once the advance in source of revenue extensively shared? How did financial development have an effect on the character of labor? Did better degrees of source of revenue bring about enhanced health and wellbeing and toughness? The authors handle those questions via examining new estimates of work strength participation, actual wages, and productiveness, in addition to of the distribution of source of revenue, top, and nutrition.

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This paper has benefited from the comments of Lou Cain, Stan Engerman, Peter Fearon, Claudia Goldin, John McCusker, Kerry Odell, Joshua Rosenbloom, and the editors of the volume. The work was financed in part by the National Science Foundation (No. SES 8308569). This research is part of the NBER’s program, Development of the American Economy. Any opinions expressed are mine and not those of the NBER. 1. By external condition was meant material well-being or wealth, as opposed to the internal nature of the human mind.

R. S. 4oWithin that 36. Only the late antebellum period, 1840 to 1860, had a better record, and even then only the narrowly defined measure showed clearly superior results. 44 percent per year over those twenty years, barely faster than the performance between 1793 to 1807. 37. See Engerman and Gallman (1983, 17) for a discussion of the cyclicality in this period. 38. The conjectural benchmark estimates for 1800 through 1840 are not influenced by those economic fluctuations because a big chunk of output was derived by assuming a constant per capita value of farm products.

1: 75-83. 1987. Debating the British industrial revolution. Explorations in Economic History 24, no. 3: 269-92. , and Peter H. Lindert. 1980. American inequality: A macroeconomic history. New York: Academic Press. 1 U. S . Labor Force Estimates and Economic Growth, 1800-1860 Thomas Weiss The level and trend of prosperity in the period before the Civil War has been of long-standing interest. Contemporaries were of course concerned about their economic status and its uncertainty, as well as the path that lay ahead.

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