A Time to Print, a Time to Reform∗ Lars Boernery Jared Rubinz Battista Severgninix Abstract The public mechanical clock and movable type printing press were arguably the most important and complex technologies of the late medieval period. We document two of their most important, yet unforeseeable, consequences. First, towns that were early adopters of clocks were more likely to also be early adopters of presses. We posit that towns with clocks became upper-tail human capital hubs|both technologies re- quired extensive technical know-how that had many points of overlap. Second, a three- stage instrumental variables analysis indicates that the press influenced the adoption of Protestantism, while the clock's effect on the Reformation was mostly indirect. Keywords: mechanical clock, printing press, technology, Reformation, human capital, instrumental variables JEL codes: N33, N73, O33, O34, P48, Z12 ∗We are grateful for comments received from participants at workshops at the University of Colorado, University of Copenhagen, UC Irvine, Copenhagen Business School, Northwestern University, University of Groningen, the 2017 ASREC meetings in Boston and the workshop on Martin Luther's Heritage in Modern Economics and Social Sciences in Rome. Alberto Alesina, Luigino Bruni, Davide Cantoni, Greg Clark, Brad DeLong, Jeremiah Dittmar, Phil Hoffman, Joel Mokyr, Luca Nunziata, and Jan Luiten van Zanden provided extremely useful comments. All errors are ours. yMartin-Luther University of Halle-Wittenberg; DAFM, King's College London;
[email protected] zChapman University;
[email protected] xCopenhagen Business School;
[email protected] 1 Introduction This paper addresses two related issues that are key for understanding the rise of the mod- ern state and the modern economy.