Economics 2150A/B Study Guide - Quiz Guide: Homestead Acts, Human Capital, Comparative Advantage

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

Document Summary

World economy rise of the united states. Best e. g. of late 19th c success was the usa: first to overtake uk in output per head, first to overtake britain in labour productivity, first to overtake uk in world market shares. In what ways was the usa exceptional: accumulated capital with take-off" investment rates, developed modern production and sales techniques, shifted towards human capital production. Sources of us growth: early 19th c growth due to longer working hours. Conventional literature equates usa success with manufacturing: usa k deepening greater than uk"s, extensive k intensive approach would need changes in management, research and. Investment in large scale factories and machinery exceeded uk levels marketing: demands on human k and business organisation sustained later growth. This led to the term american system of manufacturing". Large scale production: capital intensive production, use of machines in production, assembly line division labour and specialised tasks.