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It is assumed that the ratio has been constant for a very long time before the industrial revolution.Is this assumption correct (for on it hangs the whole validity of the system)?
Although no convincing argument for a change in the speed of light over time has been made, the question is irrelevant to the validity of tree-ring calibrated radiocarbon dates.
However, this problem is taken care of, by calibration curves, which account for the change in the ratio.
Still, this changing ratio of carbon isotopes, does make a minuscule dent in the calculation accuracy.
This idea is advanced, for example, in The Young Earth: C ratio was like before the industrial revolution, and all radiocarbon dating is made with this in mind.
How do we know what the ratio was before then, though--say, thousands of years ago?
All the physical laws we know have limits of validity.