The examination of female factory workers and economic growth involves crossing dimensions of economy, labour and women. It is necessary to firstly have a critical review of the previous literature embracing these different dimensions. This will be divided into three parts. First, the relationship between labour and economic growth will be presented. Second, the concept of “shadow price of labour” will be introduced and reviewed for furthering the connotation of labour. Third, women in industrialisation will be reviewed for offering a global context of women and paid work. 1. Economic growth and labour Economic growth is conventionally measured by the increase of the Gross Domestic Product (GDP) (Khan, 2014; Pritzker, 2014; IMF, 2012). It is closely related to the increase of aggregated output (Broadberry, 2011, Hausmann and Hidalgo, 2011). Many scholars have interest in economic growth because it has potential both for reducing poverty (Ravallion, 2001; Goudie and Ladd, 1999), and raising people’s living standard (Dupont, 2015; Jackson, 2008). Economic growth is a complicated economic process which may be influenced by many possible elements and factors. But during the century-long developing history of growth theories, labour has been proven to be a vital factor for driving economic growth. The founder of the classical growth theory Adam Smith identified labour, rather than others, as the cause for increase in national wealth (Todd, 1999, p.15). His
Economic growth is an increase in the capacity of an economy to produce goods and services from one period of time to another. In simple terms, it refers to an increase in aggregate productivity.
In regards to employment, women today can do paid work, but their work is usually menial, badly paid and lacking in status (Krieken et al, 2000). Kate Millet (1970) saw women as a reserve labour force who are made use of when they are needed (for example in war time) but are discarded when not required (Krieken et al,
The industrial revolution swept through Europe and North America during the 19th century, affecting the class structure, economy, government, and even the religious practices of everyone who lived in or did commerce with these new "industrialized nations." It made the modern age possible, but it was not without its "growing pains." The position of women before the industrial revolution was often equivalent to chattel, and then as now, they were expected to take naturally to housework and child rearing. The history of working women in the Industrial Revolution is rife with accounts of abuse and tragedy, but overall it improved their position in capitalist societies. Below, I will explain the
Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy.
Economic growth is a common term used by economists to describe in increase in production in the long run. According to Robinson (1972) economic growth is defined as increases in aggregate product, either total or per capita, without reference to changes in the structure of the economy or in the social and cultural value systems. The basic tool of measuring the economic growth includes the real GDP. It provides some quantitative measures in terms of the production volume.
In my thesis, I contend that the Industrial Revolution impacted women because women in the working and poor classes were a key labor force in mills and factories, they supported their role as the backbone of the household economy by completing housework in the middle class, and finally the Industrial Revolution made an impact on the contributions of ideas made by women.
Economic growth refers to the output of goods and services produced per capita in a nation over time. It is measured as the percent rate of increase in Real Gross Domestic Product(GDP) which is the value of total productions produced by an economy in
Economic growth is best defined as a long-term expansion of the productive potential of the economy. Sustained economic growth should lead higher real living standards and rising employment. Short term growth is measured by the annual % change in real GDP.
Economic growth refers to an increase in an economy’s productive capacity, as measured by changes in its real GDP (adjusted for inflation), over a period of time. Growth may be measured quarterly, annually, or year on year (changes from one quarter to the corresponding quarter the following year). Annual growth is used to identify trends in the business cycle, while quarterly growth provides an indication of the economy’s short-term direction, and year on year growth to show annual progress.
Economic growth, put simply, is “an increase in the amount of goods and services produced per head of the population over a period of time”; development is inextricably linked with this economic growth. By utilising theories of economic growth and development we can see how the Chinese and Sub-Saharan African economies have emerged, but, more notably, we can use these to look at patterns from past and present to show their experience and the implications of this growth for the future.
George Bernard Shaw, a nobel Prize for Literature in 1925 once said, “If all the economists were laid end to end, they would not reach a conclusion” (Mankiw, 1998: 34). Yet, an economic comparison between the United Kingdom and the United States could still be made to distinguish the country with the better economic growth performance. Important indicators when comparing economies is economic growth rate, which is a measure of the yearly rate of development rate of GDP using the market prices (Ros, 2013: 26). Another indicator is the GDP, which is defined as the total amount of goods and services produced in a country per year (Mankiw, 2009: 521). Also, the inflation rate is used, which is a continuos increase in the prices for goods and services in the consumer price index and it is measured yearly (Herr & Kazandziska, 2011: 74). Lastly, the unemployment rate shows the percentage of people whiling and could work but do not have a job (Macdonald, 1999: 238). This report will compare the economic growth performance of the United States and the United Kingdom since 1990 using four indicators: economic growth rate, GDP, inflation, and unemployment rate.
Taking into consideration the trickle-down theory of economics by Lewis, if the growth in economy is not sufficient to satisfy the needs and wants of the upper sections, nothing or very little shall trickle down to the lower sections in the hierarchy of society. Thus, the gap between the rich and poor widens and though economic growth has impacted a certain section of society, this cannot be considered development. Another example is an increase in the defence output of a nation, which accounts for an increased GDP but does not in any way contribute to economic development. Economic growth is not enough in itself to measure economic development as even if there has been a leap in the income of people in a particular nation,
Economic growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment opportunities, stimulates business enterprise and innovation. A sustained economic growth is fundamental to any nation wishing to raise its standard of living and provide a greater well being for all. Gross domestic product (GDP) is the monetary value of all final goods and services produced over a year. It is the total value of production within the economy. The total value of production is the total value of the final goods or services less the cost of
This research also shows that economic growth, on average, raises incomes for both the rich and the poor. It helps to lift the poorest in society out of absolute poverty and does not automatically increase inequality. More importantly, no country has managed to lift itself out of poverty without integrating into the global economy.
According to the report of the Commission on Growth and Development, persistent, determined focus on inclusive long-term growth by governments is one of the ingredients of a successful growth strategy. Yet, there is limited analytic work integrating the literature on growth and productive employment. 5 The term ‘shared growth’ can be misunderstood as implying a focus on income distribution schemes, which is why inclusive growth is preferred. 6 Source: Growing Unequal? Income Distribution and Poverty in OECD Countries, OECD (2008).