Australian Squatters, Convicts, and Capitalists: Dividing Up a Fast-Growing Frontier Pie 1821-1871

Laura Panza and Jeffrey Williamson ()

No 23416, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Compared with its nineteenth century competitors, Australian GDP per worker grew exceptionally fast, about twice that of the US and three times that of Britain. This paper asks whether the fast growth performance produced rising inequality. Using a novel data set we offer new evidence supporting unambiguously the view that, in sharp contrast with US, Australia underwent a revolutionary levelling in incomes between the 1820s and the 1870s. This assessment is based on our annual estimates of functional shares in the form of land rents, convict incomes, free unskilled incomes, free skill premiums, British imperial transfers and a capitalist residual.

JEL-codes: N17 N37 O47 O56 (search for similar items in EconPapers)
Date: 2017-05
New Economics Papers: this item is included in nep-dcm and nep-his
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Working Paper: Australian Squatters, Convicts, and Capitalists: Dividing Up a Fast-Growing Frontier Pie 1821-1871 (2017)
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