The hand-loom weaver and the power loom: a Schumpeterian perspective†

Robert Allen

European Review of Economic History, 2018, vol. 22, issue 4, 381-402

Abstract: The invention of the power loom was a response to the increase in supply of yarn in the 1780s. This led to an expansion of handloom weaving and a rise in earnings in the 1790s, thereby, creating the “golden age”. The high earnings increased the profitability of developing the power loom by raising the value of the labour that it saved. Consequently, less efficient—hence, cheaper to develop—power looms could be brought into commercial use than would have been the case had the golden age not occurred. The power loom, in turn, devalued the old skills, so poverty accompanied progress.

Date: 2018
References: Add references at CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://hdl.handle.net/10.1093/ereh/hex030 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:ereveh:v:22:y:2018:i:4:p:381-402.

Access Statistics for this article

European Review of Economic History is currently edited by Christopher M. Meissner, Steven Nafziger and Alessandro Nuvolari

More articles in European Review of Economic History from European Historical Economics Society
Bibliographic data for series maintained by Oxford University Press ().