Part I analyzed wage dynamics in Britain during the pre-industrial period. Now let’s take a look at the post-1700 period for which, thanks to MeasuringWorth, we have both wages and GDPpc. Thus, the analysis below focuses on relative wage, giving us a direct estimate of the wealth pump. I will also compare the operation of wealth pumps in Britain and USA, which yields fascinating results on similarities and differences.
A Roberts loom in a weaving shed in the United Kingdom in 1835
