10-16-08_Lecture_Notes - Economics 323 (10/16/08) Today:...

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Unformatted text preview: Economics 323 (10/16/08) Today: Thomas, Mcclelland Walton 109-20, chap 7 Tuesday: Egnal, Perkins 5-6, Beard, Mcguire Thursday: perkins, 10-11 north 2-5 adams Merchants diversified as commerce was a very risky business Iron making was very important to the middle colonies (4 th ) Most of the iron produced in PA stayed in the colonies (small portion exported but still 4 th ) After rev, output of iron was 25000 tons per yr and substantial in total value Iron production in PA started in 1716 Why are merchants attracted to iron? - widely used (transportation, buildings, shipping)- large domestic and foreign demand- relatively safe area of investment - lots of people employed for this commercial industry thousands of employees - labor productivity over the years does increase stages: blast furnace (iron into pig iron), forge (pig iron into useful products), iron mill or the black smith (turns iron into some useful tool) to produce iron: need water power and 3 heavy things- iron ore, limestone, and charcoal...
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10-16-08_Lecture_Notes - Economics 323 (10/16/08) Today:...

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