The Industrial Revolution brought new ideas on economics. During the Industrial Revolution, the population in Europe grew as did poverty. With this increase in poverty, people started to come up with ways that may improve the economy. Thomas Malthus, an English scholar, believed that the population would grow much faster than the food supply. “And at the conclusion of the first century, the population would be one hundred and twelve million and the means of subsistence only equal to the support of thirty-five million, which would leave a population of seventy-seven million totally unprovided for.” Life was difficult for those who were in lower social classes because they often had big families to help make money. That also means that they need to purchase more in order to take care of everyone and meet all of their basic needs for life. Other ideas were developed by others such as Karl Marx, Adam Smith, and David Ricardo. They all had different ideas and predictions about the economy, laissez-faire, meaning little to no government involvement, social classes, and more. The Industrial Revolution did not only bring economic ideas, it started making travel and trade more efficient. The Industrial Revolution brought a new, cheap, and efficient way of transporting goods by using a new way of transportation called railroads. The first railroad went to Liverpool from Manchester. This new way of transportation proved to be an effective way of transporting good without the use of water or canals. Instead, the railroad provided easy ways of transporting goods through the land. This improved many businesses by allowing them to save money and give more jobs to people who need to provide for their families. “By 1914 the European economy as a whole was dominated by large factories,
The Industrial Revolution brought new ideas on economics. During the Industrial Revolution, the population in Europe grew as did poverty. With this increase in poverty, people started to come up with ways that may improve the economy. Thomas Malthus, an English scholar, believed that the population would grow much faster than the food supply. “And at the conclusion of the first century, the population would be one hundred and twelve million and the means of subsistence only equal to the support of thirty-five million, which would leave a population of seventy-seven million totally unprovided for.” Life was difficult for those who were in lower social classes because they often had big families to help make money. That also means that they need to purchase more in order to take care of everyone and meet all of their basic needs for life. Other ideas were developed by others such as Karl Marx, Adam Smith, and David Ricardo. They all had different ideas and predictions about the economy, laissez-faire, meaning little to no government involvement, social classes, and more. The Industrial Revolution did not only bring economic ideas, it started making travel and trade more efficient. The Industrial Revolution brought a new, cheap, and efficient way of transporting goods by using a new way of transportation called railroads. The first railroad went to Liverpool from Manchester. This new way of transportation proved to be an effective way of transporting good without the use of water or canals. Instead, the railroad provided easy ways of transporting goods through the land. This improved many businesses by allowing them to save money and give more jobs to people who need to provide for their families. “By 1914 the European economy as a whole was dominated by large factories,