Industrial Revolution Research Paper

Industrial Revolution Research Paper-45
This delay is paradoxical from the point of view of the standard growth model.Historians hypothesize that this delay was due to the slow diffusion of new technologies among manufacturing plants together with the ongoing learning in plants after the new technologies had been adopted.The Industrial Revolution was an era marked by a number of trends in American history: It is because of the latter of these three that one man, Cornelius Vanderbilt, was able to make a name and a fortune for himself.

This delay is paradoxical from the point of view of the standard growth model.

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81 Issued in March 1996 NBER Program(s): Development of the American Economy There are two views of the British Industrial Revolution in the literature today.

The more traditional description, represented by the views of Ashton and Landes, sees the Industrial Revolution as a broad change in the British economy and society.

This broad view of the Industrial Revolution has been challenged by Crafts and Harley who see the Industrial Revolution as a much narrower phenomenon, as the result of technical change in a few industries.

This paper presents a test of these views using the Ricardian model of international trade with many goods.

His plan was to purchase a majority of the shares of the Erie Railroad, giving him total control over its operation.

However, to thwart his efforts, the leaders of the Erie Railroad printed scores of fake shares for Vanderbilt to purchase.

The slow diffusion is thought to be due to manufacturers' reluctance to abandon their accumulated expertise with old technologies, which were embodied in the design of existing plants.

Motivated by these hypotheses, we build a quantitative model of technology diffusion which we use to study this transition to a new economy.

We show that it implies both slow diffusion and a delay in growth similar to that in the data.

Machine-readable bibliographic record - MARC, RIS, Bib Te X Document Object Identifier (DOI): 10.3386/w8676 Published: Andy Atkeson & Pat Kehoe, 2002.


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