A Window to the Past: Living standards in historical perspective

Leticia Arroyo Abad and Kathryn Gary

No 18449, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Real wages are a convenient, useful, and powerful way to learn how life was like in the past. In this chapter we start by reviewing the methodology behind real wage estimations and their history. Then we look at the how real wages have contributed to shedding light on major issues in economic history such as the onset of modern economic growth, the Great Divergence, and colonialism in the Americas. We continue to explain the limitations and challenges in estimating and interpreting real wages.

Keywords: Living standards; Real wages; Cost of living (search for similar items in EconPapers)
JEL-codes: E24 J3 N3 (search for similar items in EconPapers)
Date: 2023-09
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Chapter: A Window to the Past: Living Standards in Historical Perspective (2024)
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