lec_18_111B - ECN 111B: US Economic History since the Civil...

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Lecture 18: Industrialization and Structural Lecture 18: Industrialization and Structural Change Change ECN 111B: US Economic History since the ECN 111B: US Economic History since the Civil War Civil War Winter 2010 Winter 2010
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Lecture 18 Outline Lecture 18 Outline Industrialization: a look at the data Why industrialization is important for economic growth Economies of Scale and Scope Technological changes Organizational changes Mergers can be inefficient or efficient The Regulatory Battle against monopolies
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KEY Readings for Today’s KEY Readings for Today’s Lecture Lecture Essential Reading: Atack and Passell, Ch. 17 Walton and Rockoff Ch. 17
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Composition of Output 1869 vs. 1899 Source: Rockoff and Walton 0 10 20 30 40 50 60 1869 1899 Year Agriculture Industry Mining
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Industrialization and Economic Industrialization and Economic Growth Growth Industry typically has higher levels of output per worker The Engel curve for primary products is less than unity after a threshold level The primary sector will become less important as an economy becomes richer. Demand for other goods grows faster Growth and innovation in the industrial sector has typically been faster
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Industrialization and Structural Industrialization and Structural Change Change Firms in industry had been local, small scale, and numerous prior to 1860 Most were partnerships not corporations Although firms were concentrated in 1860, the ratio of output to industry output of the top several firms grew over time in many industries.
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Industrialization and Structural Industrialization and Structural
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lec_18_111B - ECN 111B: US Economic History since the Civil...

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