The maximized and most treasured improvement would prove to be erupted by new ideas that fueled the reformation of the overall economy. These propositions were centered on the conclusion that the economy should shift from that of an agrarian society to that of an industry. The theories not only benefited to lead to the upsurge of mass industry, but they also led to the upgrade of labor conditions; along with working hours which led to a higher standard of living. Statement being, without the Industrial Revolution, the world’s economy would have remained barren and stagnant, and the people would have proceeded to suffer through the unsatisfactory …show more content…
During years 1813-1913, there was a significant increase in worker wages. Few economists, such as Robert E. Lucas Jr. state the true impact of the Industrial Revolution was that “for the first time in history, the lively-hood standards of the masses of ordinary people have begun to undergo sustained growth… Nothing too remote like this economic behavior is mentioned by the classical economists, even as a theoretical possibility.” Others argue, however, that while the increase of the economy’s overall productive probability was unprecedented during the Industrial Revolution, living standards for the majority of the population did not germinate meaningfully until the late 19th and 20th centuries, and that numerous ways workers’ living standards declined under early