ECO 202

Economics in Historical Perspective

Resources: The Making of Economic Society

reference -

Heilbroner, R. L., & Milberg, W. (2011, November 21). The Making of the Economic Society. Pearson Higher Ed. http://books.google.ie/books?id=WfoqAAAAQBAJ&dq=The+Making+of+the+Economic+Society+13th+(thirteenth)+edition&hl=&cd=1&source=gbs_api

The following essays are based on Chapters 4, 5, 6, 7, 8, 9 of the Textbook (The Making of Economic Society)

You can also utilize parts of Chapter 3 and Chapter 11 if it helps you to answer issues mentioned below in the essays. You should also read Chapter 1 for the framework of the essay.

Your essay should be direct and analytical, with a word length being about 2000 words.

I am most interested in the insights and thoughtfulness you bring to the material. Be sure to draw upon the assigned literature to sustain and defend the arguments you make. When using sources directly, such as in quotes, indicate the reference with in-text citations; e.g., (Payer 1977, 15). However, try to minimize direct quotes unless strictly necessary, and write in your own words.

1. The impact of industrial technology during the Industrial Revolution transformed society and was one of the greatest turning periods in economic history.

Give a detailed report.

A) Why did the first industrial revolution take place in England, at the end of the 18th century

and the beginning of the 19th century, rather than in the United States or Germany or India

or China, which also had high GDP?

B) In the framework of Technology, Institutions, Markets, (TIM), explain how the industrial

revolution affected these aspects of resolving the economic problem.

C) How does capital accumulation help human productivity?

D) Can Adam Smith's concept of the 'invisible' hand' explain the way technology and

markets interacted to produce the positive outcomes of the industrial revolution.