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Lecture 2

ECON 2200 Lecture 2: ECON 2200 lecture 2
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Department
Economics
Course Code
ECON 2200
Professor
Samia Challal

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ECON 2200
Lecture 2
Top Ten Industries 1860 & 1910
Note magnitude of VA by manufacturing
o Figures in 17.3 are in millions of nominal dollars meaning they
are not adjusted for inflation/deflation. However, this is okay,
because this was a period of deflation, so figures would actually
be higher if adjusted.
Note changes between 1860 and 1910
o Largest industry in 1860 was cotton textiles.
1. Usually first industry used in developing countries,
because of the simplicity of production. It is an emerging
industry for developing countries.
o Entry of tobacco and malt liquors in 1910. These were
considered “luxury” items. They are income elastic goods.
o Entry of printing and publishing in 1910. People not only want
to travel now (RR), but want “ideas” travel through publishing.
o Change in transportation
1. Exit of carriages & wagons; entry of railroad cars
o Lumber stays at #2
NOTE: Study Table 17.3 for test. Think about mass production,
mechanization, income elasticity (malt liquors and tobacco), and how
changes reflect the transformation of the US economy.
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Description
ECON 2200 Lecture 2 Top Ten Industries 1860 1910 Note magnitude of VA by manufacturing o Figures in 17.3 are in millions of nominal dollars meaning they are not adjusted for inflationdeflation. However, this is okay, because this was a period of deflation, so figures would actually be higher if adjusted. Note changes between 1860 and 1910 o Largest industry in 1860 was cotton textiles. 1. Usually first industry used in developing countries, because of the simplicity of production. It is an emerging industry for developing countries. o Entry of tobacco and malt liquors in 1910. These were considered luxury items. They are income elastic goods. o Entry of printing and publishing in 1910. People not only want to travel now (RR), but want ideas travel through publishing. o Change in transportation 1. Exit of carriages wagons; entry of railroad cars o Lumber stays at 2 NOTE: Study Table 17.3 for test. Think about mass production, mechanization, income elasticity (malt liquors and tobacco), and how changes reflect the transformation of the US economy.
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