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Real urban wage in an agricultural economy without landless farmers: Serbia, 1862-1910

Branko Milanovic () and Bosko Mijatovic

MPRA Paper from University Library of Munich, Germany

Abstract: The paper presents the first estimate of the real welfare ratio for Serbia using the 19th century data on wages of skilled and unskilled workers (including the part paid in kind) and prices of goods that enter into "subsistence" and "respectability" consumption baskets. It finds a stagnation of unskilled wage close to the welfare ratio of 1, and a modest increase in skilled wage. The paper introduces several adjustment to conventional methodology in order to make it more relevant for predominantly agricultural societies.

Keywords: Welfare ratio; real wage; Serbia; agricultural economy (search for similar items in EconPapers)
JEL-codes: N3 N33 (search for similar items in EconPapers)
Date: 2019-02
New Economics Papers: this item is included in nep-agr and nep-his
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Working Paper: Real Urban Wage in an Agricultural Economy Without Landless Farmers: Serbia 1862-1910 (2020) Downloads
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