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Technology Gap Theory is a model developed by M.V. Posner in 1961, which describes an advantage enjoyed by the country that introduces new goods in a market. [1] The country will enjoy a comparative advantage as well as a temporary state of monopoly until other countries have achieved the ability to imitate the new good.
Early technological advancements depended on "learning by doing" (where population size was an important factor, as advances could spread over a large political unit), whereas the Industrial Revolution was the result of experimentation and theory (where population size is less important). [85]
The Industrial Revolution altered the U.S. economy and set the stage for the United States to dominate technological change and growth in the Second Industrial Revolution and the Gilded Age. [28] The Industrial Revolution also saw a decrease in labor shortages which had characterized the U.S. economy through its early years. [29]
The development of the stationary steam engine was an important element of the Industrial Revolution; however, during the early period of the Industrial Revolution, most industrial power was supplied by water and wind. In Britain, by 1800 an estimated 10,000 horsepower was being supplied by steam.
Daron Acemoğlu considers that the "nature of technology" didn't have a neutral role in the evolution of inequality during the Industrial Revolution: increasingly efficient automation began to replace workers, worsening their working conditions, stagnating wages and increasing working hours by up to 20%. Weavers were the hardest hit by ...
The term social question refers to the social grievances that accompanied the Industrial Revolution and the following population explosion, that is, the social problems accompanying and resulting from the transition from an agrarian to an urbanising industrial society. In England, the beginning of this transition was to be noted from about 1760 ...
A third explanation, put forward by Carl Benedikt Frey, is that the early inventions of the Industrial Revolution were predominantly labor-replacing: "If technology replaces labor in existing tasks, wages and the share of national income accruing to labor may fall. If, in contrast, technological change is augmenting labor, it will make workers ...
[2] [3] [4] During this period the nation was transformed from an agricultural economy to the foremost industrial power in the world, with more than a third of the global industrial output. This can be illustrated by the index of total industrial production, which increased from 4.29 in 1790 to 1,975.00 in 1913, an increase of 460 times (base ...