1. -Nobel Prize winner Robert E. Lucas, Jr
“For the first time in history, the living standards of the masses of ordinary people have begun to undergo sustained growth ... Nothing remotely like this economic behavior is mentioned by the classical economists, even as a theoretical possibility."
-Nobel Prize winner Robert E. Lucas, Jr

2. What is the Industrial Revolution?
The Industrial Revolution was the change to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840.
These changes included going from producing goods from hand to machines, new ways of making goods by using some chemicals, new ways of making iron, improved efficiency of water power, the increasing use of steam power, making goods in factories instead of homes or workshops, and the development of machines to make other machines.

3. An Industrial Revolution?
A Revolution is a RAPID change in a short period of time…
…BUT during the Industrial Revolution, economic and social change took place gradually over time!

4. TWO Phases
The first Industrial Revolution, roughly , was centered on textiles, iron, and steam engine technologies.
From was a transition period.
The second Industrial Revolution, roughly , revolved around steel, railroads, electricity, and chemicals.

5. The start and expansion of the Industrial Revolution is due to three innovations, beginning in the 18th century. By the 1830s the following gains had been made in important technologies:
Textile Manufacturing-making of cloth in a factory using machines, not hand tools.
Steam power-engines using steam to produce labor.
Iron Making-new techniques in metal making increased the supply of cheaper iron and steel.

6. Textiles: Due to new machines, workers could make much more cloth from cotton (and to a lesser extent wool and linen) much faster and cheaper.

7. Steam power: Although steam engines were developed as early as 1712, steam power underwent a rapid expansion after The steam engine underwent many improvements by a host of inventors and engineers

8. Iron Production: The supply of cheaper iron and steel aided a number of industries such as those making nails, hinges, wire and other hardware items; the development of machines to cut iron allowed better cuts of iron, causing it to be increasingly used in the rapidly growing machinery and engine industries.