Abstract
In the seventeenth and eighteenth centuries, wage rates in Japan, India, and China were lower than their counterparts in Europe when the wages are compared at the exchange rates implied by the silver contents of coins. The cost of living was also lower in Asia than in Europe. The purchasing power of Asian wages was similar to that of wages in France, Italy, and Germany but less than the purchasing power of wages in the leading economies- England and the Netherlands. Real wage comparisons contradict the opinions of Smith, Malthus, and Marx that Europe was more prosperous than Asia before the industrial revolution.
| Original language | English (US) |
|---|---|
| Title of host publication | Living Standards in the Past |
| Subtitle of host publication | New Perspectives on Well-Being in Asia and Europe |
| Publisher | Oxford University Press |
| ISBN (Print) | 9780199280681 |
| DOIs | |
| State | Published - Jul 1 2005 |
Keywords
- Akbar
- China
- England
- India
- Japan
- Real wage
- Silver wage
- Standard of living
- Subsistence wage
ASJC Scopus subject areas
- Economics, Econometrics and Finance(all)
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Cite this
Allen, R. C. (2005). Real Wages in Europe and Asia: A First Look at the Long-Term Patterns. In Living Standards in the Past: New Perspectives on Well-Being in Asia and Europe Oxford University Press. https://doi.org/10.1093/0199280681.003.0006