Economics 2150A/B Study Guide - Quiz Guide: Spinning Jenny, Corliss Steam Engine, Bessemer Process

• School: Western University
• Department: Economics
• Course: Economics 2150A/B
• Professor: Colin Denniston

Document Summary

World economy what and when: technological change. Industrial revolution any rapid significant technical change (landes 1969) A fundamental redeployment of resources away from agriculture (mathias. Resources, industrialisation property applied patterns, and isolation rights, technical urbanisation finance, legal, knowledge, informal high wages taxes, infras. Britain experienced a series of revolutions which paralleled the ir. Emphasis on factor prices -> britain is where it paid to invent, more cost effective to build them in uk. Emphasis on institutions -> british science more applied and better connected to business. Emphasis on luck and macro invention -> stochastic approach, random component matters e. g. english channel, religion, monarchy etc. Ogilvie 2007 no main emphasis -> combination of factors, only britain able to do this properly ahead of other countries. Characteristics involve: rapid shift from agriculture to industry, use of machines in production, use of fossil fuels, minerals and synthetics, rapid tech change tfp growth.