12-4-08_Lecture_Notes - Economics 323 Today Walton CH 11...

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Economics 323 (12-4-08) Today: Walton, CH 11 pp177-82 Exam: Thursday, 12/11 (9-11:30) GS kaufman aud Extra office hours Wed 12/10 (1-3:30) OH Tuesday too Testable: nothing after section 4f (through the American system) last reading is Temin “labor scarcity” Textiles is the largest industry prewar Stole technology from British Last 18 th century- textiles are a textile industry In 1770 britain begins to produce machines After revolutionary war, there are attempts to emulate and replicate technology- failure Problem is solved- first case of successful emulation- Brown recruits Samuel slater in RI Lowell conveys info to talented mechanic to produce working looms Textile town- early mills successful but they exhaust the limited water power- move to countryside and build entire towns dedicated to textile production Diversify by introducing higher-grade color cloth- no dyeing but printing Needed first hand knowledge generally Secondly you needed money to make the technology- investor like brown Team of first hand knowledge and pile of money needed to make technology work Innovations were made incrementally and labor force continually educated to make the
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This note was uploaded on 02/01/2009 for the course ECON 3230 taught by Professor Tomlyons during the Fall '08 term at Cornell.

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12-4-08_Lecture_Notes - Economics 323 Today Walton CH 11...

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