ECON 7710 Chapter : Mankiw8e Chap01
Document Summary
Number of hours in a work week to go down. Admired man in america, building gasoline driven carriages. If they would join these groups, their status would be higher, explosion of groups to improve their status. Division of labor happened, each person doing one task. America"s economy improved a lot during this time. Chief architect: herbert hoover- said that the 1920"s were the modern society. Calvin coolidge (president)- business is business , ideals of business was america"s attitude. Stock market crashed, people started to question ideals. America"s peace would last for a long time, economy was growing quickly. Automobile and construction industry was the most popular. Developed ideas of interchangeable parts putting them on a conveyor belt and workers working along that, assembly line huge car production, adopted a 5 day work week finding more and more ways to improve work.
