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Lecture 1

ECON 2200 Lecture 1: ECON 2200 lecture 1Premium

3 pages97 viewsWinter 2018

Department
Economics
Course Code
ECON 2200
Professor
Samia Challal
Lecture
1

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ECON 2200
Lecture 1
The Rise of Big Business (1865-1920)
I. A period of rapid & significant industrial growth
Recall change in relative positions of agric & manufacturing
o Note growth in labor force v. growth in output
1. Labor force expansion (1860 & 1910)
Agriculture grew by 2.0, which means it doubled
Railroads is at the top, grew by 23.
Total labor force grew by 3.4
Manufacturing grew by 5.4 (total manufacturing)
2. Output expansion (1860 & 1910)
Railroad grew by 98.1 (freight)
Cement grew by 70.7
Coal grew by 46.1 (shows use of coal for energy
source)
linked to steel, because it was used to heat.
3. Labor force increase in agriculture 2.0, but output
expansion was 3.7. This means that there was increased
productivity.
Output growth that is more than increase in labor
force, shows increase in productivity gains.
o Productivity growth in all sectors, but especially in
manufacturing, RR, iron/steel
VA (value added) per worker rising
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