ECON2200 Ch 17

ECON2200 Ch 17 - Reunification Era The Rise of Big...

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Reunification Era: The Rise of Big Business (Chap 17) Recall change in relative positions of agric & manuf (basically switched at 53% and 33%, respectively. Then 33% and 53% by 1899) o 1890 US Census: 1 st Census to report $ value of manufacture output > $ value of agric output o (Table 17.1) Labor force expansion in most industries, but the labor force expansion is greatest in manufacturing and especially Railroads. Between 1860 and 1910 the labor force of agriculture was multiplied by 2. But in sectors of total manufacturing, trade, mining, and primary iron and steel grew by multiples of 5.4 to 7.1. Railroads grew by a multiple 23.2! (Table 17.2) Output expansion as well. In agriculture. output growth greater than labor force growth so evidence of increased productivity. In manufacturing. output growth also greater than labor force growth, but by a much larger amount than agriculture so much larger productivity growth than agriculture. Summation: Productivity growth is evident in all listed sectors, but is greatest for manufacturing, iron and steel, and
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