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A Roberts loom in a weaving shed in the United Kingdom in 1835. The nature of the Industrial Revolution's impact on living standards in Britain is debated among historians, with Charles Feinstein identifying detrimental impacts on British workers, whilst other historians, including Peter Lindert and Jeffrey Williamson claim the Industrial Revolution improved the living standards of British ...
[12] Others argue that while the growth of the economy's overall productive powers was unprecedented during the Industrial Revolution, living standards for the majority of the population did not grow meaningfully until the late 19th and 20th centuries and that in many ways workers' living standards declined under early capitalism: some studies ...
The period from 1870 to 1890 saw the greatest increase in economic growth in such a short period as ever in previous history. Living standards improved significantly in the newly industrialized countries as the prices of goods fell dramatically due to the increases in productivity. This caused unemployment and great upheavals in commerce and ...
Şevket Pamuk and Jan-Luiten van Zanden also show that during the Industrial Revolution, living standards in Western Europe increased little before the 1870s, as the increase in nominal wages was undermined by rising food prices. The substantial rise in living standards only started after 1870, with the arrival of cheap food from the Americas.
Much of the new technology that accompanied the industrial revolution was for machines which could be powered by coal. One outcome of this was an increase in the overall amount of energy consumed within the economy, a trend which has continued in all industrialised nations to the present-day. [7]
They measured the growth rates of various industries, and of the different sectors of the economy, in order to measure the growth of the British economy during the industrial revolution. The found that the overall rate of growth was much lower than had previously been believed, and was heavily concentrated in two industries: cotton and iron. [6]
However, technological and economic progress did not proceed at a significant rate until the English Industrial Revolution in the late 18th century, and even then productivity grew about 0.5% annually. High productivity growth began during the late 19th century in what is sometimes called the Second Industrial Revolution.
The economic growth rate is typically calculated as real Gross domestic product (GDP) growth rate, real GDP per capita growth rate or GNI per capita growth. The "rate" of economic growth refers to the geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents ...