Lec 28_notesIndustriousRev

Lec 28_notesIndustriousRev - 5/10/10 Demand side factors...

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5/10/10 European Economic History Demand-side explanations of April 14, 2010 C. Shiue
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5/10/10 Sources of change in the IR Supply side factors, in particular, factors that increased the supply of goods and services Technological change and innovation Capital accumulation
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5/10/10 Supply vs. demand side Demand side factors Changes in demand to an industry that is amenable to technological change, e.g. cotton, as opposed to an industry that is not. Changes in preferences, or a demand- driven changes in household behavior, which de Vries calls the “industrious
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5/10/10 Demand side factors According to De Vries, household production and market production are (imperfect) substitutes for many goods, e.g. child rearing, cooking meals, mending or making clothing. The difference, however, is that an increased preference for the consumption of purchased goods requires CASH, and that in turn requires greater labor force
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Unformatted text preview: 5/10/10 Demand side factors The term industrious revolution is about households reallocating labor from hh-based work to market-based work, resulting in a greater degree of specialization, more commercialization, and greater market reliance. What might have been the sources of 5/10/10 Sources of change in Exogenous change, outside of predictions. New, different, diverse goods, higher quality and cheaper goods starting to be produced with better technologies. Workers could be better off specializing in a few goods while 5/10/10 Changes to the labor market Greater market participation and measured hours of work (labor input per worker). Better transportation technology implies seasonally unemployed workers (or raw materials) could find employment. Gas lighting ~late 18th c meant night shifts...
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This note was uploaded on 04/29/2010 for the course ECON 4514 taught by Professor Shuie during the Spring '08 term at Colorado.

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Lec 28_notesIndustriousRev - 5/10/10 Demand side factors...

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