On American Institutional Economics
During the emergence in the late 18th century, America was a country which was considered to be one of the most adaptive when it comes to technological changes. Due to this, they seldom experience the trouble caused by scarce resource because they had the power to produce everything in a faster and modern way. America was believed to have a competitive market system. Technology indeed helped their country to be in a healthy state. But, on the contrary, technology did not fully aid its people to be productive citizens relative to their economy share. This caused the American economy to slow down during the late 1800’s up to the 1930’s. Unfortunately, significant changes occurred that time which brought the
During the emergence in the late 18th century, America was a country which was considered to be one of the most adaptive when it comes to technological changes. Due to this, they seldom experience the trouble caused by scarce resource because they had the power to produce everything in a faster and modern way. America was believed to have a competitive market system. Technology indeed helped their country to be in a healthy state. But, on the contrary, technology did not fully aid its people to be productive citizens relative to their economy share. This caused the American economy to slow down during the late 1800’s up to the 1930’s. Unfortunately, significant changes occurred that time which brought the