The text poses the question of what conclusions can be drawn from Figure 2.1, a graph that illustrates the index of average real wages for skilled workers in London over the period from 1264 to 2001. This prompts an analysis of the long-term trends in living standards for this specific group.

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This dataset, visually represented in Figure 2.1, charts the real wages for skilled craftsmen in London and the total population of Britain from 1264 to 2001. The real wage is presented as an index with the 1850 level set to 100. The choice of 1850 as the reference year is illustrative; selecting a different base year would not alter the fundamental 'hockey stick' shape of the data trend, but would only shift the curve's vertical position. The data is compiled from key historical economic research, including Robert C. Allen's 2001 paper on European wages and prices, and a 2015 study on British economic growth by Stephen Broadberry and his co-authors.

Real Wages of London Craftsmen and British Population (1264-2001)

To cite the ebook, use The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/.

To cite a unit, use The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/ Unit [unit number] (url).

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