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Household Wealth in a Settlement Economy: Utah, 1850–1870

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  • Kearl, J.R.
  • Pope, Clayne L.
  • Wimmer, Larry T.

Abstract

The economics of David Ricardo and the contemporary evidence for the economic importance of information suggest that time of entry into an economy should be an important determinant of wealth. This hypothesis is validated for nineteenth-century Utah, since time of entry into the economy had a larger impact on the level of wealth than did occupation, birthplace, sex, region of settlement, or age. This finding suggests that the effect on wealthholding of variables often given a discriminatory interpretation such as foreign birth may be overstated if time of entry into the economy is ignored. It also helps to explain the increase in inequality as the settlement process continues.returned, and saw under the sun, that the race is not to the swift, nor the battle to the strong neither yet bread to the wise, nor yet riches to men of understanding, nor yet favor to men of skill; but time and chance happeneth to them all.

Suggested Citation

  • Kearl, J.R. & Pope, Clayne L. & Wimmer, Larry T., 1980. "Household Wealth in a Settlement Economy: Utah, 1850–1870," The Journal of Economic History, Cambridge University Press, vol. 40(3), pages 477-496, September.
    • Handle: RePEc:cup:jechis:v:40:y:1980:i:03:p:477-496_08
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    Cited by:

    1. Walker, Thomas R., 2000. "Economic Opportunity on the Urban Frontier: Wealth and Nativity in Early San Francisco," Explorations in Economic History, Elsevier, vol. 37(3), pages 258-277, July.
    2. Eric C. Edwards & Martin Fiszbein & Gary D. Libecap, 2022. "Property Rights to Land and Agricultural Organization: An Argentina–United States Comparison," Journal of Law and Economics, University of Chicago Press, vol. 65(S1), pages 1-33.
    3. Samuel Bazzi & Martin Fiszbein & Mesay Gebresilasse, 2017. "Frontier Culture: The Roots and Persistence of “Rugged Individualism†in the United States," Boston University - Department of Economics - Working Papers Series WP2018-004, Boston University - Department of Economics.
    4. Gary D. Libecap, 2018. "Property Rights to Frontier Land and Minerals: US Exceptionalism," NBER Working Papers 24544, National Bureau of Economic Research, Inc.
    5. Stewart, James I., 2006. "Migration to the agricultural frontier and wealth accumulation, 1860-1870," Explorations in Economic History, Elsevier, vol. 43(4), pages 547-577, October.
    6. Stewart, James I., 2012. "Migration to U.S. frontier cities and job opportunity, 1860–1880," Explorations in Economic History, Elsevier, vol. 49(4), pages 528-542.
    7. Jeanne Cilliers & Erik Green & Robert Ross, 2023. "Did it pay to be a pioneer? Wealth accumulation in a newly settled frontier society," Economic History Review, Economic History Society, vol. 76(1), pages 257-282, February.
    8. Galli, Stefania & Dimitrios, Theodoridis, & Rönnbäck, Klas, 2024. "Thriving in a declining economy - Elite persistence in the West Indies, 1760-1914," Göteborg Papers in Economic History 37, University of Gothenburg, Unit for Economic History.
    9. Larry T. Wimmer, 2003. "Reflections on the Early Indicators Project.A Partial History," NBER Chapters, in: Health and Labor Force Participation over the Life Cycle: Evidence from the Past, pages 1-10, National Bureau of Economic Research, Inc.

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