Suchergebnisse

A modern household's consumption bundle is more finished than that of a typical worker in the past: the average consumption good passes through more stages of production before purchase. This has affected the cyclical behavior of wages relative to the price of the consumption bundle because wages are more procyclical relative to prices of more-finished goods. Nowadays real consumption wages are procyclical. They were less procyclical before the Second World War, and they may have been acyclical or even countercyclical before the First World War.

In the eighteenth-century British Empire and the antebellum South, slaves were concentrated in domestic service and rural enterprises like agriculture and ironworks. I argue that employers in these sectors chose to employ slaves rather than free labor because they faced especially high turnover costs—that is, costs of searching for a worker and going without labor when a free worker quit or was fired. In the absence of slavery, these sectors were marked by other institutions designed to deal with turnover costs: indentured servitude, employment agencies, and deferred compensation.

Chapter 1: Specializations in Switzerland in the Nineteenth Century: Evolution of Trade Patterns and Growth Model; Léo Charles -- Chapter 2: Trends and Institutional Sources of Financing Russia's Human Capital Formation (Late 19th - Early 21st centuries); Dmitry V. Didenko -- Chapter 3: The Past's Long Shadow: A Systematic Review and Network Analysis of Economic History; Gregori Galofré-Vilà -- Chapter 4: Improving Deflators for Estimating Canadian Economic Growth, 1870-1900; Vincent Geloso and Michael Hinton -- Chapter 5: The Political Economy of State-Chartered Banks in Early 20th Century Texas; Linda M. Hooks -- Chapter 6: The Antebellum Slave Trade: Numbers and Impact on the Balance of Payments; Lawrence H. Officer and Samuel H. Williamson.