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作者:Bar Ilan University
摘要:This article uses a new panel dataset to investigate the relationship between financial fragility and real activity on U.S. railroads during 1929-1940. Leverage had a negative effect on maintenance, within small firms only. Bankruptcy had a positive effect on maintenance and employment, within large firms only. Both leverage and bankruptcy effects were significantly larger during the worst depression years. Had all railroads been bankrupt during 1930-1933, GDP would have increased by 0.2 perce...
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作者:Stanford University
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作者:University of North Dakota Grand Forks
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作者:University of Connecticut
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作者:Colgate University; North Carolina State University; University of Kansas
摘要:Between 1830 and 1860 the United States experienced rapid economic growth but declining stature and rising mortality. Debate has centered on whether the American diet deteriorated in the mid-nineteenth century. Employing census and muster records, this article tests the hypotheses that adult height was positively correlated with local production of nutrients in early childhood and negatively correlated with local mortality conditions, urbanization, proximity to transport, and population mobili...
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作者:Dartmouth College
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作者:University of Southern California
摘要:During the second millennium, the Middle East's commerce with Western Europe fell increasingly under European domination. Two factors played critical roles. First, the Islamic inheritance system, by raising the costs of dissolving a partnership following a partner's death, kept Middle Eastern commercial enterprises small and ephemeral. Second, certain European inheritance systems facilitated large and durable partnerships by reducing the likelihood of premature dissolution. The upshot is that ...
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作者:Shiue, CH
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作者:University System of Maryland; University of Maryland College Park
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作者:Massachusetts Institute of Technology (MIT)
摘要:In 1842 Lowell textile firms increased weaving productivity by assigning three looms per worker instead of two. This marked a turning point. Before, weavers at Lowell were temporary and mostly literate Yankee farm girls; afterwards, firms increasingly hired local residents, including illiterate and Irish workers. An important factor was on-the-job learning. Literate workers learned new technology faster, but local workers stayed longer. These changes were unprofitable before 1842, and the adva...