Rough estimates suggest that improvements in the quality of the labour force had a bigger quantitative impact on quality‐adjusted labour input than the increase in man‐hours. A steady small improvement in labour quality came from the reduction in the proportion of young people in the labour force. It is postulated that increasing intensity of work fully offset the reduction in hours of work before 1914, and that this offset diminished thereafter until it was zero after World War II. The average years of formal schooling that had been received by the labour force rose by about 0.6–0.7 of a year per decade until 1931 and a little more slowly thereafter. Improvements in the standards of technical education, on the other hand, appear to have been rather more rapid after 1931 than before. The estimates of the quality of the labour force are subject to large margins of error and do not include an allowance for labour attitudes or the quality of entrepreneurship. There was a trend toward labour attitudes more favorable to productivity in the nineteenth century and the interwar period but that trend was interrupted between the 1890s and 1920 and, with a few exceptions, did not continue after World War II. The quality of entrepreneurship showed signs of deterioration up to World War I followed by improvement in the interwar and post‐war periods.
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