By Robert E. Gallman, John Joseph Wallis
This benchmark quantity addresses the controversy over the consequences of early industrialization on criteria of residing throughout the a long time ahead of the Civil struggle. Its members show that the combination antebellum economic system used to be becoming quicker than the other huge financial system had grown before.Despite the dramatic fiscal progress and upward thrust in source of revenue degrees, questions stay as to the final caliber of existence in this period. used to be the advance in source of revenue broadly shared? How did monetary progress impact the character of labor? Did larger degrees of source of revenue result in enhanced wellbeing and fitness and toughness? The authors tackle those questions through reading new estimates of work strength participation, actual wages, and productiveness, in addition to of the distribution of source of revenue, peak, and foodstuff.
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Additional info for American Economic Growth and Standards of Living before the Civil War (National Bureau of Economic Research Conference Report)
The average for 1836-1840 was at best not much higher than that for the prosperous years around the beginning of the century” (1964, 427, 440). ” One of the more imaginative attempts to enlighten the 2. Seaman’s (1852, 1868) estimates are not completely in accord with more modern definitions of national output and appear to underestimatethe level of the nation’s output. See Gallman (1961) for an assessment of Seaman’swork, as well as that of Tbcker and Burke. 3 . This increase reflects just the rise in the participation rate and the shift of the work force from agricultural to nonagricultural industries.
Nore: The conjectural estimating equation is OIP = (LF/P)[S,(O/LF), + S,(0/W),I Output per capita (OIP) in any year equals the participation rate (LFIP) times the weighted average output per worker, which equals output per worker in agriculture (a) and nonagriculture (n) weighted by each sector's share of the labor force. This equation yields an index of output per capita in each decennial year 1800 through 1840, which is used to extrapolate the 1840 dollar value of per capita output to each of the other years.
13. These calculations are based on the revised farm gross product series, narrowly defined (see Weiss 1990). With the original Towne and Rasmussen figures, output per worker increased by 52 percent, or $75 dollars, with 70 percent of the increase occurring between 1820 and 1840. 14. 44 percent per year, one of the highest rates for the antebellum period, but below that of the postbellurn decades. 65 percent. 15. These calculationsare based on the revised farm gross product series, narrowly defined (see Weiss 1990).