Manufacturing Growth Quotes
His prediction was accurate and the consequence was an increase in the production of agricultural products and a shrinking proportion of Americans employed in farming and ranching.
In 1701 exports of wool accounted for ¼ of all exports. By 1770, it was almost 1/3.
All money has based on the Gold Standard then. But the economic output of the American colonies was increasing rapidly. If the money supply stays fixed, there is a shortage of money and this then inhibits further growth, Franklin realized this and called for an increase in the money supply. He was only 23 years old when he wrote this essay and had these insights.