MIME-Version: 1.0 Content-Location: file:///C:/6D7A90D4/abstract.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" The Price of Time and Labour Supply: From the Black Death to the Industrious Revolution

The Price of Time and Labour Supply: From the Black Dea= th to the Industrious Revolution

 

Mark Koyama

Wadham College, Oxford

 

Abstract

In pre-industrial economies labour supply curves often bend backwards at very<= o:p>

low levels of income. This changed prior to the industrial revolution: total working

hours increased (De Vries (1993, Voth (1998,2000). This paper examines

this industrious revolution using a model of labour supply where consumption

takes time. This analytical framework enables us to draw a distinction between

a pessimistic account of the industrious revolution as suggested by Van Zanden

(2006) and an optimistic account advanced by de Vries = (2008) of an industrious

revolution driven by changing patterns of demand. This formulation clarifies

the importance of new consumption opportunities in driving hours worked.=