Did English Factor Markets Fail during the Industrial Revolution?

Jeffrey Williamson ()

Oxford Economic Papers, 1987, vol. 39, issue 4, 641-78

Abstract: This paper measures wage and rate-of-return gaps between agriculture and industry in the midst of England's industrial revolution. It then uses partial and general equilibrium analysis to assess the impact of factor-market failure. The failure seems to have been very large. It was manifested in terms of conventional deadweight losses a s well as in terms of distribution, employment, and accumulation effe cts. It appears that English industralization was seriously constrain ed by market failure during the first industrial revolution. Copyright 1987 by Royal Economic Society.

Date: 1987
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