Economic History Of The United States

Front 1

Economic History studies:

Back 1

Life for most people/predictable events

Front 2

Economic History Methodology:

Back 2

Data, Econometrics, applied theory

Front 3

Economic history identifies _______ relationships.

Back 3

cause-effect

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Problems of Economic History

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Incomplete data

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Old method of observation. General observations applied everywhere. Needs verification.

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Inductive logic

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New method of observation. General rule applied to a specific case. Needs falsification.

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Deductive logic

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Five parts of Scientific Method:

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1. Choose Assumptions and Initial Conditions
2. Derive Hypothesis
3. Test Hypothesis empirically
4. Reject or fail to reject hypothesis.
5. If repeatedly not rejected, called a Law.

Front 8

Charles Kindleberger said:

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The exception disproves the rule.

Front 9

Traditional History studies:

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Exceptional people and events. Life for the exceptional.

Front 10

Traditional History methodology:

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Documents, letters, anecdotes.

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Diseases brought from Europe included:

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Smallpox, Cholera, Plague, Measles

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Disease spread along Oregon Trail?

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Cholera, afflicted Plains tribes not harmed by smallpox.

Front 13

Macro effects of disease?

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Destroyed trading, political networks and entire tribes.

Front 14

Land requirements for English vs. Native Americans?

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English 2 acres, Native Americans 1000-50,000

Front 15

What was the misunderstanding about property between the Colonists and Native Americans?

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Native Americans sold rights to hunt, not ownership of the land itself.

Front 16

Effects of the Reservation period on Native Americans?

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TB, VD, Suicide, Life expectancy 6 years less than whites in 1970.

Front 17

When did horses reach the Plains tribes?

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1650-1770

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What were the effects of the horse?

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Made buffalo hunting efficient, population increase, development of Plains high culture

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Oregon trail caused:

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Destruction of buffalo migrations, brought disease

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Bison extinction caused by:

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Railroads, over-hunting by Whites

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Colonial Heritage from Great Britain included:

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Property rights (tenure in fee simple), Markets, Legal system (IupG, BaRD, PoE)

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Mercantilism:

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Trade policies to accumulate gold, imports restricted, exports encouraged, required colonies for raw materials

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Three types of colonies in America:

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Joint-stock, Proprietary, Crown

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Chesapeake Bay Colonies 1580s:

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Tobacco monocultures, most failed

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Early New England Colonies:

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Established for commercial and religious reasons.
Subsistence agriculture, forestry, fish.

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Middle Atlantic Colonies mid 17th Century:

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NY, NJ, PA, fertile, exported wheat

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How much did income per capita grow 1710-1775?

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0.4% with 600% growth in population

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Extensive growth is:

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Expansion of inputs, maintains per capita income when population grows.

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Intensive growth is:

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Improvements in efficiency of resource use/technology, increases per capita income.

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Sources of Intensive Growth:

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Total Factor Productivity, Shipping (Piracy eliminated, faster fly ships), Textile industry in Britain.