Economics 353 Lecture 8_1

Economics 353 Lecture 8_1 - Eco 353 Lecture 8 The...

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Eco 353 Lecture 8 The Beginnings of Industrialization
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News – New York Times “The Senate and the Obama administration are nearing agreement on forming a council of regulators, led by the Treasury secretary, to identify systemic risk to the nation’s financial system, officials said Wednesday. “
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News “The effect would be to diminish the authority of the Federal Reserve , whose regulation of banks has been criticized for failing to head off the problems.”
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Basic Concepts Comparative Productivity and Gains from Specialization (Why did the Northeast industrialize first?) Efficient choice of production points on isoquants (What factor mixes did early industrial firms use?) Economies of scale and learning by doing (Some determinants of output growth).
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Industrialize First A. Cold weather and snow make industries more productive B. People were smarter in the Northeast. C.
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Economics 353 Lecture 8_1 - Eco 353 Lecture 8 The...

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