Economic Maturity and Entrepreneurial Decline: British Iron and Steel, 1870-1913by Donald N. McCloskey, Deirdre N. McCloskey
McCloskey uses relatively uncomplicated economic tools to establish these points. The central tool is the measurement of total facto productivity in the iron and steel industry in Britain and abroad. It is supplemented by analyses of supply and demand of the profitability of adopting the basic open hearth process of steelmaking.
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