Figure 2.13: Wages Relative to the Cost of Capital Goods in England and France (Late 16th to Early 19th Century)
This figure presents a comparison of the ratio of laborers' wages to the cost of using capital goods in England and France from the late 1500s to the early 1800s. While this ratio was comparable in both nations during the mid-17th century, it began to diverge afterward. In England, labor became progressively more expensive relative to capital, creating a growing economic incentive to substitute workers with machinery. This trend was not observed in France, where, conversely, the incentive for labor-saving innovation was actually stronger in the late 16th century than it was two centuries later.
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CORE Econ
The Economy 1.0 @ CORE Econ
Ch.1 The Capitalist Revolution - The Economy 1.0 @ CORE Econ
Ch.2 User-centered design process - User Experience Design - Winter 23 @ UI Design in UI @ University of Michigan - Ann Arbor
UI Design in UI @ University of Michigan - Ann Arbor
User Experience Design - Winter 23 @ UI Design in UI @ University of Michigan - Ann Arbor
UI @ University of Michigan - Ann Arbor
User Experience Design @ UI Design in UI @ University of Michigan - Ann Arbor
University of Michigan - Ann Arbor
Introduction to Microeconomics Course
Ch.2 Technology and incentives - The Economy 2.0 Microeconomics @ CORE Econ
The Economy 2.0 Microeconomics @ CORE Econ
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Figure 2.13: Wages Relative to the Cost of Capital Goods in England and France (Late 16th to Early 19th Century)
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Figure 2.13: Wages Relative to the Cost of Capital Goods in England and France (Late 16th to Early 19th Century)
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Figure 2.13: Wages Relative to the Cost of Capital Goods in England and France (Late 16th to Early 19th Century)
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Figure 2.13: Wages Relative to the Cost of Capital Goods in England and France (Late 16th to Early 19th Century)
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Figure 2.13: Wages Relative to the Cost of Capital Goods in England and France (Late 16th to Early 19th Century)
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Learn After
What is the significance of the changing relationship between the cost of labour and capital goods in England and France from the 16th to 19th century?
According to the text, how did the wages of workers relative to capital goods change in England and France from the 16th to 19th century?
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When did France have a stronger incentive to save labor through innovation?
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The provided graph plots the ratio of laborers' wages to the cost of capital goods in England and France. A higher ratio signifies that labor is relatively more expensive than capital, creating a financial incentive to substitute workers with machinery.
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