Habakkuk thesis
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English
Etymology
Proposed by John Habakkuk (1915–2002), British economic historian, in his 1962 work American and British Technology in the Nineteenth Century: The Search for Labour-Saving Inventions.
Proper noun
- (economics) The theory that land abundance and labor scarcity in the 19th-century United States led to high wages, which resulted in labor-saving technological innovations and the development of the American system of manufacturing based on the extensive use of machinery and interchangeable parts.
- Synonyms: Habakkuk hypothesis, Rothbarth-Habakkuk thesis
Further reading
Habakkuk thesis on Wikipedia.Wikipedia
