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by: jaxxgrace

notes ECON 201


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Principles of Economics: Microeconomics
Bruce Brunton
Class Notes
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This 1 page Class Notes was uploaded by jaxxgrace on Wednesday April 27, 2016. The Class Notes belongs to ECON 201 at James Madison University taught by Bruce Brunton in Summer 2015. Since its upload, it has received 8 views. For similar materials see Principles of Economics: Microeconomics in Business at James Madison University.


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Date Created: 04/27/16
History 225 LECTURE Notes Second Industrial Revolution and the Transformation of Work  Emerges from/consequence form Northern victory of the Civil War 1877-1900  Remarkable industrial growth  Purchasing power increases  Deflation o Not good for people who need loans (farmers, etc.) -By end of the 19 century the industrial capacity wad larger than Germany, France, England combined  Greatest industrial power in the world -Hierarchical structure of modern business enterprise Bureaucratic Revolution of Managerial Capitalism  Bureaucratization means efficiency o Impersonal – dehumanizing o Humanizing is inefficient  Standardization o “watch the costs and profits will take care of themselves” Carnegie  Wanted to reduce labor costs o Managers operate economy not market  Anti-market Capitalism o Firms dislike market o Market is unpredictable, ruinous, expensive  Visible Hand of the Manager replaces the Invisible Hand of the Market  Managerial Hierarchy is self-sustaining  Management becomes distinct from ownership Railroads as the Model Big Business Enterprise  Pioneer of modern big business enterprise o Sheer size and Complexity Necessitated Bureaucratization o Push to Standardization  Deals with complex organization and business over vast territory  Railroad is the “bringer of development” 


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