New goods and the transition to a new economy
By: Jeremy Greenwood, Gokce Uysal.
Contributors: Uysal, Gokce.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10793; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10793.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Industrialization -- United States -- History.; Technological innovations -- United States -- History.; Consumer goods -- United States -- History.; New products -- United States -- History.
Description: "The U.S.  went through a remarkable structural transformation between 1800 and 2000.  In 1800 the majority of people worked in agriculture.  Barely anyone did by 2000.  What caused the rapid demise of agriculture in the economy? The analysis here concentrates on the development of new consumer goods associated with technological progress.  The introduction of new goods into the framework lessens the need to rely on satiation points, subsistence levels of consumption, and the like.  The analysis suggests that between 1800 and 2000 economic welfare grew by at least 1.5 percent a year, and maybe as much as 10 percent annually, the exact number depending upon the metric preferred"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
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Mode of access: World Wide Web.