Economic Maturity and Entrepreneurial Decline: British Iron and Steel, 1870-1913

Economic Maturity and Entrepreneurial Decline: British Iron and Steel, 1870-1913

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Overview

Economic Maturity and Entrepreneurial Decline: British Iron and Steel, 1870-1913 by 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.

Product Details

ISBN-13: 9780674228757
Publisher: Harvard University Press
Publication date: 01/28/1973
Series: Harvard Economic Studies Series , #142
Pages: 173
Product dimensions: 5.74(w) x 8.53(h) x 0.62(d)

Table of Contents

1. The Iron and Steel Industry and the Hypothesis of Entrepreneurial Failure

A. The Historiographic Career of the Hypothesis of Failure

B. The Quantitative Evidence for Britain as a Whole

C. The Relevance of the Experience in Iron and Steel

D. Assessing Entrepreneurial Performance in Iron and Steel

2. The Market Structure of the Industry

A. Cycles in Monopoly Power from 1870 to 1913

B. Monopoly Power among Regions of the Country

C. Competition and the Hypothesis of Failure

3. The Industry's Consumers and the Industry's Growth

A. The Slow Growth of Demand

B. The Substitution of Steel for Iron

4. The "Most Notable Single Instance" of Entrepreneurial Failure: The Neglect of the Basic Process

A. Was the Neglect of Basic Ores Irrational?

B. The Shift to Basic Steel

5. Productivity Change, 1870-1913

A. The Material-Intensity and Capital-Lightness of the Industry

B. Pig Iron

C. Bessemer Steel Rails

D. Open Hearth Steel Ship Plates

6. Was Productivity Change More Rapid in the American Industry?

A. Productivity Change in American Iron and Steel

B. Slow Growth and Antique Technology in Steel

7. American and British Productivity before 1913

A. Levels of Productivity

B. How Well British Entrepreneurs Performed Appendices

A. Sources for Estimating U.K. Gross National Product and Inputs of Capital and Labor

B. The Prices of British Iron and Steel

C. The Input and Output Structure of the British Iron and Steel Industry in 1907

D. Sources and Methods for Productivity Measurement in Pig Iron

Index

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