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The Life Cycle in Economic History

Author

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  • Kearl, J. R.
  • Pope, Clayne L.

Abstract

The life cycles of income and wealth form important traces of the economic history of households. Comparisons of cross-sectional estimates of the age-wealth profiles from 1774 to 1962 reveal little change in the basic pattern although crosssectional age-income or earnings profiles peak later in modern periods because of the increased investment in human capital.The wealth-income ratio appears to be declining. Multivariate regressions for Utah households show wealth-income patterns consistent with a life cycle model based on smoothing of consumption with little interaction between age and other determinants of economic position. Foreign birth has a positive effect on income while reducing wealth.

Suggested Citation

  • Kearl, J. R. & Pope, Clayne L., 1983. "The Life Cycle in Economic History," The Journal of Economic History, Cambridge University Press, vol. 43(1), pages 149-158, March.
    • Handle: RePEc:cup:jechis:v:43:y:1983:i:01:p:149-158_02
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    Cited by:

    1. Di Matteo, Livio & Herbert Emery, J. C., 2002. "Wealth and the demand for life insurance: evidence from Ontario, 1892," Explorations in Economic History, Elsevier, vol. 39(4), pages 446-469, October.
    2. repec:cte:whrepe:wh016301 is not listed on IDEAS
    3. El-Osta, Hisham S. & Morehart, Mitchell J., 2009. "Welfare Decomposition in the Context of the Life Cycle of Farm Operators: What Does a National Survey Reveal?," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 38(2), pages 1-17, October.
    4. Livio Di Matteo, 2016. "Wealth Distribution and the Canadian Middle Class: Historical Evidence and Policy Implications," Canadian Public Policy, University of Toronto Press, vol. 42(2), pages 132-151, June.
    5. Di Matteo, Livio, 1998. "Wealth Accumulation and the Life-Cycle in Economic History: Implications of Alternative Approaches to Data," Explorations in Economic History, Elsevier, vol. 35(3), pages 296-324, July.
    6. Nicolini, Esteban A., 2004. "Mortality, interest rates, investment, and agricultural production in 18th century England," Explorations in Economic History, Elsevier, vol. 41(2), pages 130-155, April.
    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. Livio Di Matteo, 2008. "Wealth accumulation motives: evidence from the probate records of Ontario, 1892 and 1902," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 2(2), pages 143-171, July.
    9. Cilliers, Jeanne & Green, Erik & Ross, Robert, 2022. "Did it pay to be a pioneer? Wealth accumulation in a newly settled frontier society," Lund Papers in Economic History 237, Lund University, Department of Economic History.

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