Economics 353 Lecture 15

Economics 353 Lecture 15 - Economics 353 Lecture 15...

Info iconThis preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 353 Lecture 15 Railroads
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Importance Railroads were the most important technological development in terms of its contribution to economic growth in the 19 th century. Was the most important development, nevertheless, not a large contributor to growth? There were many sources of economic growth.
Background image of page 2
Analogies Internet? Cell phones? Text messaging?
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Internet and e-mail Did the invention and development of the internet have a big impact on you? Did it have a big impact on GDP? How would you have done what you do on the internet in the era before the internet existed?
Background image of page 4
Cell phones Do cell phones have a big impact on your life? Did cell phone have a big impact on GDP? How would you have accomplished the same sorts of things that you do on cell phones, if cell phones did not exist?
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Text messaging Before there was text messaging, there were telegrams. Do we send more text messages than we used to send telegrams?
Background image of page 6
Did the inventor of the internet gain much from it? Who invented the world wide web and the first web browser? Who benefits from the existence of the web?
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Railroads roles Railroads played many roles in US economic history. Lowered transportation costs Developed many modern corporate practices Were one of the first major industries with high fixed costs and low marginal costs. Were an early large-scale oligopoly/monopoly.
Background image of page 8
Railroads were typically monopolies or oligopolies. On some routes railroads eventually competed with another railroad. Three or more railroads competing in the same city to city market was unusual. Railroads sometimes competed with water
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 45

Economics 353 Lecture 15 - Economics 353 Lecture 15...

This preview shows document pages 1 - 10. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online