The Industrial Revolution,also known as the First Industrial Revolution,was a period of global transition of human economy towards more widespread,efficient and stable manufacturing processes that succeeded the Agricultural Revolution,starting from Great Britain,continental Europe,and the United States,that occurred during the period from around 1760 to about 1820–1840. This transition included going from hand production methods to machines;new chemical manufacturing and iron production processes;the increasing use of water power and steam power;the development of machine tools;and the rise of the mechanized factory system. Output greatly increased,and the result was an unprecedented rise in population and the rate of population growth. The textile industry was the first to use modern production methods,and textiles became the dominant industry in terms of employment,value of output,and capital invested.
In economics,Kondratiev waves are hypothesized cycle-like phenomena in the modern world economy. The phenomenon is closely connected with the technology life cycle.
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods,statistical methods and the application of economic theory to historical situations and institutions. The field can encompass a wide variety of topics,including equality,finance,technology,labour,and business. It emphasizes historicizing the economy itself,analyzing it as a dynamic entity and attempting to provide insights into the way it is structured and conceived.
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP).
The marketplace of ideas is a rationale for freedom of expression based on an analogy to the economic concept of a free market. The marketplace of ideas holds that the truth will emerge from the competition of ideas in free,transparent public discourse and concludes that ideas and ideologies will be culled according to their superiority or inferiority and widespread acceptance among the population. The concept is often applied to discussions of patent law as well as freedom of the press and the responsibilities of the media in a liberal democracy.
Kamer Daron Acemoğlu is a Turkish-born American economist who has taught at the Massachusetts Institute of Technology since 1993,where he is currently the Elizabeth and James Killian Professor of Economics. He received the John Bates Clark Medal in 2005,and was named an Institute Professor at MIT in 2019.
The Wealth and Poverty of Nations:Why Some are So Rich and Some So Poor is a 1998 book by historian and economist David Landes (1924–2013). He attempted to explain why some countries and regions experienced near miraculous periods of explosive growth while the rest of the world stagnated. The book compared the long-term economic histories of different regions,specifically Europe,United States,Japan,China,the Arab world,and Latin America. In addition to analyzing economic and cliometric figures,he credited intangible assets,such as culture and enterprise,to explain economic success or failure.
The European Miracle:Environments,Economies and Geopolitics in the History of Europe and Asia is a book written by Eric Jones in 1981 to refer to the sudden rise of Europe during the late Middle Ages. Ahead of the Islamic and Chinese civilizations,Europe steadily rose since the Early modern period to a complete domination of world trade and politics that remained unchallenged until the early 20th century.
Avner Greif is an economics professor at Stanford University,Stanford,California. He holds a chaired professorship as Bowman Family Professor in the Humanities and Sciences.
Deirdre Nansen McCloskey is an American economist and academic who has taught at the University of Illinois at Chicago since 2000,where she serves as a professor of economics,history,English,and communication. She is also an adjunct professor of philosophy and classics at UIC,and for five years was a visiting professor of philosophy at Erasmus University,Rotterdam.
An economy is an area of the production,distribution and trade,as well as consumption of goods and services. In general,it is defined as a social domain that emphasize the practices,discourses,and material expressions associated with the production,use,and management of scarce resources. A given economy is a set of processes that involves its culture,values,education,technological evolution,history,social organization,political structure,legal systems,and natural resources as main factors. These factors give context,content,and set the conditions and parameters in which an economy functions. In other words,the economic domain is a social domain of interrelated human practices and transactions that does not stand alone.
The Great Divergence or European miracle is the socioeconomic shift in which the Western world overcame pre-modern growth constraints and emerged during the 19th century as the most powerful and wealthy world civilizations,eclipsing previously dominant or comparable civilizations from the Middle East and Asia such as the Ottoman Empire,Mughal India,Safavid Iran,Qing China,and Tokugawa Japan,among others.
Geography and wealth have long been perceived as correlated attributes of nations. Scholars such as Jeffrey D. Sachs argue that geography has a key role in the development of a nation's economic growth. For instance,nations that reside along coastal regions,or those who have access to a nearby water source,are more plentiful and able to trade with neighboring nations. In addition,countries that have a tropical climate face a significant amount of difficulties such as disease,intense weather patterns,and lower agricultural productivity. This thesis is supported by the fact that the volumes of UV radiation have a negative impact on economic activity. There are a number of studies confirming that spatial development in countries with higher levels of economic development differs from countries with lower levels of development. The correlation between geography and a nation's wealth can be observed by examining a country's GDP per capita,which takes into account a nation's economic output and population.
In economics,deskilling is the process by which skilled labor within an industry or economy is eliminated by the introduction of technologies operated by semi- or unskilled workers. This results in cost savings due to lower investment in human capital,and reduces barriers to entry,weakening the bargaining power of the human capital. Deskilling is the decline in working positions through the machinery or technology introduced to separate workers from the production process.
Alberto Francesco Alesina was an Italian economist who served as the Nathaniel Ropes Professor of Political Economy at Harvard University from 2003 until his death in 2020. He was known principally as an economist of politics and culture,and was famed for his usage of economic tools to study social and political issues. He was described as having “almost single-handedly”established the modern field of political economy,and as a likely contender for the Nobel Memorial Prize in Economic Sciences.
Nathan Rosenberg was an American economist specializing in the history of technology.
A technological revolution is a period in which one or more technologies is replaced by another novel technology in a short amount of time. It is a time of accelerated technological progress characterized by innovations whose rapid application and diffusion typically cause an abrupt change in society.
Cormac ÓGráda is an Irish economic historian and professor emeritus of economics at University College Dublin. His research has focused on the economic history of Ireland,Irish demographic changes,the Great Irish Famine,and the history of the Jews in Ireland.
Carl Benedikt Frey is a Swedish-German economist and economic historian. He is the Dieter Schwarz Associate Professor of AI &Work at the Oxford Internet Institute and a Fellow of Mansfield College,University of Oxford. He is also Director of the Future of Work Programme and Oxford Martin Citi Fellow at the Oxford Martin School.
Romain Wacziarg is a French economist who has served as a professor of economics at the UCLA Anderson School of Management since 2011,where he has also held the Hans Hufschmid Chair in Management since 2015. He was previously a professor of economics at the Stanford Graduate School of Business. His research interests span international economics,political economy,economic growth,and economic development.
