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Relative Prices in the Nineteenth Century

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  • Brady, Dorothy S.

Abstract

Never in history has man successfully invented a device, an instrument, a machine, or a structure without creating a demand for performance far beyond the capacity of the original design. The acceptance of an innovation starts a continuous stream of improvements in the product or in its manufacture that leads to larger, more powerful, or more efficient models; and the widespread diffusion of a product almost automatically implies the evolution of a broad range in the dimensions of serviceability. The increase in the size of the product is an important aspect of industrial growth. At the beginning of the nineteenth century, very few sailing vessels of 300 tons were produced in American shipyards. When the clipper ships were finally outmoded, the largest were at least ten times that size. The first American-made steam engines before 1810 included some that were large for the time, around 100 horsepower. By 1865, engines of 1,000 horsepower were in use, and by 1880 the size had been increased to 4,000 horsepower.

Suggested Citation

  • Brady, Dorothy S., 1964. "Relative Prices in the Nineteenth Century," The Journal of Economic History, Cambridge University Press, vol. 24(2), pages 145-203, June.
  • Handle: RePEc:cup:jechis:v:24:y:1964:i:02:p:145-203_06
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    Cited by:

    1. Robert E. Gallman, 1985. "The U.S. Capital Stock in the Nineteenth Century," NBER Working Papers 1541, National Bureau of Economic Research, Inc.
    2. Robert E. Gallman, 1986. "The United States Capital Stock in the Nineteenth Century," NBER Chapters, in: Long-Term Factors in American Economic Growth, pages 165-214, National Bureau of Economic Research, Inc.
    3. Dorothy S. Brady, 1966. "Price Deflators for Final Product Estimates," NBER Chapters, in: Output, Employment, and Productivity in the United States after 1800, pages 91-115, National Bureau of Economic Research, Inc.
    4. David, Paul A., 1989. "COMPUTER AND DYNAMO: The Modern Productivity Paradox in a Not-Too Distant Mirror," Economic Research Papers 268373, University of Warwick - Department of Economics.
    5. Kenneth L. Sokoloff, 1986. "Productivity Growth in Manufacturing during Early Industrialization: Evidence from the American Northeast, 1820-1860," NBER Chapters, in: Long-Term Factors in American Economic Growth, pages 679-736, National Bureau of Economic Research, Inc.

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