Symbol Y
Y is a part of this expression. Its role is fixed by the surrounding article and by the operations shown in the formula.
Read this term in its guide →Published equation contexts
Why this formula appears here
where w is the real wage, Y/L output per worker, and labour’s share of value added. Productivity growth is necessary for durable wage growth but not sufficient for it: the second term can absorb the first for decades. Allen’s contribution is to show that in Britain it did.
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Symbol L
L is a part of this expression. Its role is fixed by the surrounding article and by the operations shown in the formula.
Read this term in its guide →How to interpret it
Read this expression with the definitions, units, and assumptions supplied by the article.
Research cited beside this formula
- [7] Pessimism Perpetuated: Real Wages and the Standard of Living in Britain during and after the Industrial Revolution ↗
- [8] Engels' pause: Technical change, capital accumulation, and inequality in the British industrial revolution ↗
- [9] The History of Technological Anxiety and the Future of Economic Growth: Is This Time Different? ↗
Published contexts (1)
A symbol can carry a different meaning in another article. Each occurrence keeps its own guide and term definitions.
Equation 3 · Labour & Technology
What the Machine Breakers Actually Wanted
This mathematical expression combines the displayed quantities; its precise role follows from the surrounding article text.
where w is the real wage, Y/L output per worker, and labour’s share of value added. Productivity growth is necessary for durable wage growth but not sufficient for it: the second term can absorb the first for decades. Allen’s contribution is to show that in Britain it did.
Equation guide → · Article →