Economics Railroads and American Economic Thesis

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What this study determined was that no one single innovation was vital for economic growth during the nineteenth century. It has been said that that the railroad was this one such invention, but despite its dramatically rapid and massive growth it did not on its own make an overwhelming contribution to the production potential of the economy. The author believed that economic growth was a consequence of the knowledge that was acquired during the course of the scientific revolution that occurred during the seventeenth, eighteenth and nineteenth centuries. This knowledge provided a basis for the many innovations that were applied to economic processes. All of these developments in fact began before the birth of the railroad.

The author concludes that the railroad was a part rather than a condition for the Industrial Revolution. It emerged out of a widespread effort to apply scientific and technological knowledge to the improvement of products and the reduction of overall costs. The search for new methods was distinguished not only by the vigor with which it was pursued but also by the fact that it often produced more than one solution.

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The theory of overwhelming, singular inventions has been fostered by the fact that under competition firms tend to choose the most efficient form of production that is available. Because of the fact that the operation of the economy has adjusted to the selected processes, business success will frequently depend on the speed and effectiveness with witch companies adapt to these arrangements. At the time of the invention of the railroad cheap inland transportation a necessary condition for economic growth. Satisfaction of this need did not specify a specific form of transportation, but just that there was one. The fact that this need was satisfied with the invention of the railroad and not some other form of transportation determined not whether growth would take place, but which of the many growth routes that would be….....

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