ECON 2200 Lecture 1: ECON 2200 lecture 1
14 May 2018
School
Department
Course
Professor
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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Document Summary
The rise of big business (1865-1920: a period of rapid & significant industrial growth, recall change in relative positions of agric & manufacturing, note growth in labor force v. growth in output, labor force expansion (1860 & 1910) Agriculture grew by 2. 0, which means it doubled. Railroads is at the top, grew by 23. Manufacturing grew by 5. 4 (total manufacturing: output expansion (1860 & 1910) Coal grew by 46. 1 (shows use of coal for energy source) Linked to steel, because it was used to heat: labor force increase in agriculture 2. 0, but output expansion was 3. 7. Boots & shoes 128: greatest increase in men"s clothing & boots and shoes because of the increased productivity in these sectors. There was also a lot of demand for boots and men"s uniforms because of the war. But it was the standardized sizing that made it possible to increase productivity so much.
