Deforestation is one of the many concerns of modern day economists when it comes to the world's developing countries. Wood counts as one of the primary resources available for construction and renewable energies. Today, we speculate the damage to forests through over-exploitation typically leads to the loss of long-term income. Economic growth and deforestation have a relationship in which follows a neoclassical growth model of maximizing potential output, eventually halting at a steady state. This generalizes over the short-term economic gains by utilizing the timber and land to an advantageous endogenous growth theory. Colonial America's reliance on wood can be traced to township commercial buildings in which the primary structure built was a sawmill. The derivative products of harvested timber can start simply with primary products, e. g. Fuel and Lumber, to secondary products, e. g. Resin and Potash. The abundance of wood in North America had considerable attractiveness for Great Britain where the shortages of wood were replaced with coal by the 17th century. The demand for timber lead to a few of America's first patents for improvements in a sawmill as well as twenty-three patents for nail making machinery. Such exploits in reducing the cost of building supplies led to reducing the cost of building and advancing building techniques. The abundance of timber boosted the colonial growth of America and a closer inspection of the prices of derivative markets may lead to fascinating efficiencies of modern deforestation legislation noting the differences with clear-cutting.
The interests in timber resources in the American colonies were vested in the hands of the British. The British naval stores were in high consumption in th...
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...ty ships, worth a total of £49,000, to English purchasers. At the outbreak of the Revolution a third of the ships flying the British flag had been built in the colonies, while New England possessed a fleet, independent of fishing craft, of 2,000 colonial-built ships. Though the bounties fluctuated in value and there were some brief lapses in payment, they were paid until 1774. From this source some £1,438,702 were pumped into the colonial economy.
After the independence of the colonies in 1776, the built naval stores led way into using the resources that had accumulated into “Company towns” where the development of the local population revolved around the furnaces and forges leading to the bog iron industry. The British looked northward toward Canada to acquire the resources to import; the money made in timber helped Canada establish the Bank of Montreal in 1817.
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