The Economic Consequences of Sir Robert Peel: A Quantitative Assessment of the Repeal of the Corn Laws

Pessimism preserved: real wages in the British Industrial Revolution

Douglas A Irwin and Maksym G Chepeliev

The Economic Journal, 2021, vol. 131, issue 640, 3322-3337

Abstract: This paper provides a quantitative general equilibrium evaluation of the repeal of Britain's Corn Laws in 1846. Using a detailed input-output matrix of the British economy in 1841, we find the abolition of Britain's tariff on imported grain left overall welfare roughly unchanged as the static efficiency gains are offset by terms-of-trade losses. Labourers and capital owners gained a slight amount at the expense of landowners. Combining these changes in factor payments with the different consumption patterns across income groups, we find that the top 10% of income earners lost while the bottom 90% of income earners gained.

Date: 2021
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