By Stanley L. Engerman, Robert E. Gallman
Quantity three surveys the industrial historical past of the USA, Canada, and the Caribbean through the 20th century. Its chapters hint the century's significant occasions, significantly the nice melancholy and the 2 international wars, in addition to its long term traits, akin to altering expertise, the increase of the company economic system, and the improvement of work legislations. The publication additionally discusses agriculture, inhabitants, exertions markets, and concrete and nearby structural alterations.
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Additional info for The Cambridge Economic History of the United States, Vol. 3: The Twentieth Century
7. S. a. 7 Notes: ' 1948; 2 1922. Sources: Bureau of the Census, Historical Statistics and Statistical Abstract of the United States, 1994. century to almost insignificant levels. With these developments and with the advances in the treatment of malignancies and of diseases of the liver and heart, death rates have declined rapidly and the length of life has been greatly extended. The expectation of life had begun lengthening in the second half of the nineteenth century as the better provision for pure water and for sewage systems and waste disposal reduced urban death rates.
Similar changes are needed to exploit the potential gains from economies of scale. True, not all advances of knowledge require such embodiment; some take the form of changes in managerial policies and procedures that require little or no new capital. Better control of inventories may be an example. But new, redesigned, or relocated equipment is needed to realize a large, presumably the major, share of advancing knowledge. Suppose we take it that the gross capital investment of each year — at least in twentieth-century America — embodies the most advanced technology available to the investing firms of the year.
Cambridge Histories Online © Cambridge University Press, 2008 Growth in the Era of Knowledge-Based Progress 29 In short, it depends on the average age of the capital stock. It follows that the growth rate of technology actually incorporated into production depends on three factors: (1) the fraction of new technology that requires embodiment; (2) the growth rate of "age-neutral" embodied technology (that is, the rate at which embodied technology would be incorporated into production if the average age of capital stock remained constant); and (3) a "vintage effect," which is the change in the rate of embodiment because of the change per year in the average age of the capital stock over a period of time.