Gilboy vs. Mokyr: Who is right?
The Industrial Revolution that began in Britain in the mid 1700’s and lasted for about half a century has left many economists debating on its origins and the eternal questions of “why?” and “how?” There has been much research on the topic and many theories have emerged that try and explain some of the shady areas of the topic. There has been debate on whether demand or supply was
showed first 75 words of 2537 total
showed last 75 words of 2537 total
thoroughly before inserting data that he collected and then reanalyzing it with examples. Where Gilboy just stated that demand needed more exposure, Mokyr actually scrutinized each segment of Gilboy’s thesis and gave illustrations from other theories. He then followed up technically on his points by using economic theory to solidify what he was saying. The determination of “when,” “where,” and “how fast” are to be sought first and foremost in supply, not demand-related processes.