Discuss about modern economic growth, Microeconomics

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Discuss about Modern economic growth

Modern economic growth is also a shift in the kinds of things we do at work and play and in the way we live. Back in immediate aftermath of the Civil War perhaps half of all Americans were farmers. Today less than 2% of American workers are farmers and farm laborers: there are more gardeners, groundskeepers and growers and maintainers of ornamental plants in America today than there are food-growing farmers and farm laborers. Americans in the second half of the 19th century traveled by foot, by horse, by wagon, by train and by riverboat. American at the end of the twentieth century traveled by foot (rarely), bicycle (rarely), automobile, bus, train, boat and plane. Most Americans in the second half of 19th century were literate. However very few had finished anything like what we would call high school. Modern economic growth is the large-scale shift of employment from agriculture to manufacturing and now to services. In addition modern economic growth is the creation of large business organizations. Back at the start of the 19th century, a business with 100 people was a very large business organization for its time indeed.

 


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