The Price of Time and Labour Supply: From the Black Death to the Industrious Revolution

Mark Leo Koyama ()

No _078, Oxford University Economic and Social History Series from Economics Group, Nuffield College, University of Oxford

Abstract: In pre-industrial economies labour supply curves often bend backwards at very low levels of income. This changed prior to the industrial revolution: total working hours increased (De Vries (1993, Voth (1998,2000). This paper examines this industrious revolution using a model of labour supply where consumption takes time. This analytical framework enables us to draw a distinction between a pessimistic account of the industrious revolution as suggested by Van Zanden (2006) and an optimistic account advanced by de Vries (2008) of an industrious revolution driven by changing patterns of demand. This formulation clarifies the importance of new consumption opportunities in driving hours worked.

Keywords: labour supply; industrious revolution; consumption; time allocation (search for similar items in EconPapers)
JEL-codes: N23 J22 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-lab
Date: 2009-09-01

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