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Motivated by an on-going debate in economic history we develop a simple method to quantify the impact of economic revolutions upon a novel historical data set listing the wages of building craftsmen and labourers in Southeast Europe. Structural breaks are found in the data and signify the...
Persistent link: https://www.econbiz.de/10009246888
Using annual data 1209-1914, this paper examines whether there are structural breaks in the movements of prices and wages that correspond to the major ‘revolutions’ identified in historical narratives. Econometric modelling of trend and volatility in prices and wages confirms the importance...
Persistent link: https://www.econbiz.de/10009149403
In this paper we empirically test the hypothesis that economic revolutions are associated with structural breaks in historical economic data. A simple test for structural breaks in economic time series is applied to British wage and price data from the medieval to the modern period. Evidence for...
Persistent link: https://www.econbiz.de/10008784612
replaced in the following. The formal point of reference is ‘the integrated approach to credit, money, income, production and …
Persistent link: https://www.econbiz.de/10011258616
The aim of this paper was to verify if reminders of money influence the tendency to spend one’s resources on kin and … friends. Previous research on the mere exposure to money concentrated only on behaviors directed at anonymous partners …, especially close friends and relatives. This paper presents three experiments showing that subtle reminders of money decrease the …
Persistent link: https://www.econbiz.de/10011258795
add some historical and analytical perspectives to discussions about the future of money, banking and payments. For more …
Persistent link: https://www.econbiz.de/10011259028
for converting quantities of labour-time in terms of money, which accounts for explicit and implicit costs, is proposed. …
Persistent link: https://www.econbiz.de/10011259412
money and prices- like the quantity theory one. What is necessary and important is that there should be a relation between … the growth rates of absolute outputs and money. Money affects output and employment. 2. Wages are not assumed to be rigid …. Given the level of employment, all people should work, “earn” money and hence “determine” output. 3. A one line conclusion …
Persistent link: https://www.econbiz.de/10011259485
Behavioral assumptions are not solid enough to be eligible as first principles of theoretical economics. Hence all endeavors to lay the formal foundation on a new site and at a deeper level actually need no further vindication. Part (I) of the structural axiomatic analysis submits three...
Persistent link: https://www.econbiz.de/10011259823
This paper was presented to the May 2013 conference of the Postglobalization Initiative in Moscow, and deals with the function of economics in the modern world order. It seeks to explain why, as a profession (notwithstanding individual exceptions) economics failed to predict the crisis that...
Persistent link: https://www.econbiz.de/10011260071