ECON 4130 Lecture Notes - Lecture 9: Tyrannosaurus, Joule, Real Wages
11 Nov 2020
School
Department
Course
Professor
Document Summary
Europe vs rest mostly 19th c 12oth c phenomenon. Daridricardoj urbanreedwayesforaduttmen for skill levels at time t in city c wste. Dutch came up with the central bank price levelfor a bucket ofgoods. Blackdeathishon m conqueredengland in 1688 broughfinancial institutions neffeer. nlincomeelasticity ey qd_ In nweurope institutions internal flexibility rulesofthegame structureincentives econ porisci social. Fertilitychangesin north weak guilds high w f many later. Guild trade 1monopoly1 priv club using the powerof the state tosuppresscompetition eg amit americanmedicalassociation modernus colleges cartel. Guild domination inmfgexcluded women f still many early. High w environment commercialization ofagriculture strongest in nw europe peasants in east re enserfed peasantflight feudalsystem crumbles r changes in the urbaneconomy laborshortage guildsbecome moreflexible u ease apprenticeship rules adoptlaborsavingtech weaken obstacles to rural manufacturing cpwto. Hagelproto industry industy. co cheaper than urban industries children participate women esp nweurope peasants in east re enserfeel changes in technology. Early 1800s england tech changes in mfgdrivedown priceof cloth handloom cottage weaver go out of business.
