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The Institutional Revolution: Measurement and the Economic Emergence of the Modern World

Dennison, Tracy (2013) The Institutional Revolution: Measurement and the Economic Emergence of the Modern World. Journal of Economic History, 73 (1). pp. 294-295. ISSN 0022-0507. doi:10.1017/S0022050713000107. https://resolver.caltech.edu/CaltechAUTHORS:20130411-074909673

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Abstract

For Douglas Allen, the past can be divided roughly into two eras: the old times, characterized by peculiar and exotic institutions, such as dueling, venality, and patronage, and the modern era, characterized by wages and prices, technology, and meritocracy. Allen argues that the transition, c. 1850, from the old world to the new was effected by more precise, standardized systems of measurement. Before the modern era it was impossible to measure the most basic things: time, distance, trade volume, labor productivity. As economies gradually expanded with the onset of the Industrial Revolution, new institutions, such as standardized forms of measurement, were created to reduce transactions costs, making growth and wealth creation possible.


Item Type:Article
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http://dx.doi.org/10.1017/S0022050713000107DOIUNSPECIFIED
http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=8854639PublisherUNSPECIFIED
Additional Information:© 2013 Cambridge University Press. Published online: 13 March 2013.
Issue or Number:1
DOI:10.1017/S0022050713000107
Record Number:CaltechAUTHORS:20130411-074909673
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20130411-074909673
Official Citation:Dennison, T. (2013). "The Institutional Revolution: Measurement and the Economic Emergence of the Modern World. By Allen Douglas. Chicago: University of Chicago Press. 2012. Pp. ix, 267. $30.00, hardcover." The Journal of Economic History 73(01): 294-295.
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:37876
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:15 Apr 2013 23:38
Last Modified:09 Nov 2021 23:32

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