The 18th-century deindustrialization was in large part a consequence of a too-high real wage level, combined with protectionist policies of foreign governments, closing access to major markets.
This measure is often monitored and used by government or other organisations as a benchmark for the wage level of individual workers in an industry, area or country.
The decrease in the real wage level decreases the level of profits, and the size of surplus that could have been re-invested for more industrialization.
If workers supply more labor than firms demand, then the wage level should fall so that workers will work fewer hours and firms would demand more labor.