StandardOfLiving0

StandardOfLiving0 - Standard of Living Debate Agreements...

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Standard of Living Debate Agreements and Disagreements Sustained rise in real income per person as eventual outcome of Ind. Rev. but when? Industrial Revolution changed lives of the “working classes” but how? Pessimists - living standards fell before rising after 1850 Optimists - living standards rose steadily throughout Traditional view that the Industrial Revolution was a disaster for the working classes What is Standard of Living? Real income = money income adjusted for the cost of living Also adjusted for “quality of life” issues Health Unemployment Pollution Condition of women and children Urban crowding Amount of leisure time Crafts Numbers from British Incomes - 1970 US$ 1700 - $333 1760 - $399 1800 - $427 1830 - $498 1860 - $804 Growth and Inequality If growth continues consistently over a century of more inequality would have to increase dramatically to make the poor less well off If Crafts is right that income doubled between 1760 and 1860, then the share of income to the lowest 65% of the population
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This note was uploaded on 02/17/2009 for the course ECON 4514 taught by Professor Shuie during the Spring '08 term at Colorado.

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StandardOfLiving0 - Standard of Living Debate Agreements...

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