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Industrial Revolution
A wave of technological advances and organizational changes starting in Britain in the eighteenth century, which transformed an agrarian and craft-based economy into a commercial and industrial economy.

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general-purpose technologies
Technological advances that can be applied to many sectors, and spawn further innovations. Information and communications technology (ICT), and electricity are two common examples.

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  • Skilled workers were paid about £100 in 1408.
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  • The average real wage was more or less constant between 1264 and 1850.
  • The average real wage increased by around 600% between 1850 and 2001.
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