I believe what lies behind Robert Gordon's observations is related to the new-found ability to harness fossil fuels. The technological upsurge of the early Industrial Revolution at the time was not nearly as dramatic as what happened a little more than a century later once steam power became capable of running huge factories and railroads.
This new-found productive potential led to a worldwide crisis in which the capacity to produce swamped the ability of the market to absorb the new products in the second half of the 19th century. This story was central to my book, Railroading Economics. -- Michael Perelman Economics Department California State University Chico, CA 95929 530 898 5321 fax 530 898 5901 http://michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
