Machinery prices during the second Industrial revolution : An international comparison of capital goods, 1850 – 1939
Ducoing, Cristian LU and Ljungberg, Jonas LU
(2019)
Swedish Economic History Meeting 2019
- Abstract
- Machinery prices are a crucial part of the history of catching up, technological progress and the industrial revolution diffusion. However, the efforts to obtain an international price for capital goods have been scattered and the majority of the works dealing with this phenomena had a national scope mainly . In this paper, the authors have done an effort to homogenise the different national machinery prices available for the period 1850 – 1939, considering three European countries (Great Britain, Sweden and Germany) and five American countries (USA, Argentina, Chile, Brazil and Mexico). The research value of these countries is the mix between producers and buyers, allowing us to understand the cost to implement new technologies in the... (More)
- Machinery prices are a crucial part of the history of catching up, technological progress and the industrial revolution diffusion. However, the efforts to obtain an international price for capital goods have been scattered and the majority of the works dealing with this phenomena had a national scope mainly . In this paper, the authors have done an effort to homogenise the different national machinery prices available for the period 1850 – 1939, considering three European countries (Great Britain, Sweden and Germany) and five American countries (USA, Argentina, Chile, Brazil and Mexico). The research value of these countries is the mix between producers and buyers, allowing us to understand the cost to implement new technologies in the core economies and the periphery.
The paper is also related to the discussion whether prices of comparable tradables differ between countries. The findings suggest that they may do so and over periods extending over more than a decade. The textbook case does not allow such slow adjustments of prices in tradable goods. However, friction is a phenomenon of real life and in an economic context this does mean that adjustments to change take time. With technological change production functions change and prices do not adapt immediately into an international equilibrium. Summing up, this paper will contribute with empiric results to the debate on the technological diffusion in the so called “Second industrial revolution” period.
(Less)
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/da9795aa-c367-4109-9244-06ef35a8a605
- author
- Ducoing, Cristian
LU
and Ljungberg, Jonas
LU
- organization
- publishing date
- 2019-10
- type
- Contribution to conference
- publication status
- published
- subject
- keywords
- Machinery prices, second industrial revolution, Technological diffusion
- conference name
- Swedish Economic History Meeting 2019
- conference location
- Uppsala, Sweden
- conference dates
- 2019-10-10 - 2019-10-12
- project
- Engines for sustainability. Horsepower prices, capital substitution and energy transitions in the long run
- language
- English
- LU publication?
- yes
- id
- da9795aa-c367-4109-9244-06ef35a8a605
- date added to LUP
- 2020-02-07 11:40:14
- date last changed
- 2020-02-07 14:29:07
@misc{da9795aa-c367-4109-9244-06ef35a8a605,
abstract = {{Machinery prices are a crucial part of the history of catching up, technological progress and the industrial revolution diffusion. However, the efforts to obtain an international price for capital goods have been scattered and the majority of the works dealing with this phenomena had a national scope mainly . In this paper, the authors have done an effort to homogenise the different national machinery prices available for the period 1850 – 1939, considering three European countries (Great Britain, Sweden and Germany) and five American countries (USA, Argentina, Chile, Brazil and Mexico). The research value of these countries is the mix between producers and buyers, allowing us to understand the cost to implement new technologies in the core economies and the periphery. <br/><br/>The paper is also related to the discussion whether prices of comparable tradables differ between countries. The findings suggest that they may do so and over periods extending over more than a decade. The textbook case does not allow such slow adjustments of prices in tradable goods. However, friction is a phenomenon of real life and in an economic context this does mean that adjustments to change take time. With technological change production functions change and prices do not adapt immediately into an international equilibrium. Summing up, this paper will contribute with empiric results to the debate on the technological diffusion in the so called “Second industrial revolution” period.<br/>}},
author = {{Ducoing, Cristian and Ljungberg, Jonas}},
keywords = {{Machinery prices; second industrial revolution; Technological diffusion}},
language = {{eng}},
title = {{Machinery prices during the second Industrial revolution : An international comparison of capital goods, 1850 – 1939}},
url = {{https://lup.lub.lu.se/search/files/75932909/MachineryPricesCDJL.docx}},
year = {{2019}},
}