The Public Interest

Thinking about a “New Economy”

Timothy Taylor

Spring 2001

THE Industrial Revolution that began about 200 years ago lives in the collective memory as a cavalcade of inventors and machines: James Watt and the steam engine, Eli Whitney and the cotton gin, Cyrus McCormick and the reaper, Charles Goodyear and vulcanized rubber, and many more. But the Industrial Revolution brought a remarkable change in the human condition that went beyond any particular invention. It instilled a belief that the standard of living did not have to be forever stagnant.

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