What money can buy? : three centuries of Norwegian wage and price development
Working paper
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Date
2007-10Metadata
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- Discussion papers (SAM) [662]
Abstract
On the basis of newly utilized data from one of the largest manual historical archives
on wages and prices internationally and unpublished data from Statistics Norway this
article offers new wage and price series for Norway 1726-2006, which enable us to
calculate real wages. These cover all main industries and sub-industries as well as an
aggregated series for the entire economy. We conclude that long run real wages
stayed fairly stable until the 1820s. Thereafter a modest increase took place until the
1870s, followed by rapid growth. Thus, the development of real wages seems to follow the pattern of modernization of the Norwegian economy.
Publisher
Norwegian School of Economics and Business Administration. Department of EconomicsSeries
Discussion paper2007:27