I wrote something earlier this morning, which did not go through because I pushed the wrong key. I made the same point as Jim did about fossil fuels, except that my focus was somewhat different. My point was that the effect of the initial Industrial Revolution tended to be exaggerated, according to Michael Liebowitz's student, Maxine Berg. The dramatic takeoff in what I call the Real Industrial Revolution took place in the late 19th century, when business more effectively learned to harness fossil fuels in a way that could run huge industrial complexes as well as railways. The result was an enormous increase in industrial capacity that swamped existing levels of demand, leading to what was called the Great Depression in the late 19th century. The story is a central part of 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
