The American economy is by far, the biggest and the strongest economy in the world. One major reason behind its success is the fact that the US economy does not so much in a way rely on the world market but rather other world’s large economies rely on the US. As such, from its reliance on its domestic market, the American economy is well cushioned i.e. not so much exposed to other economies. Despite having a rich mineral resource base, the American economy still performs very well in other key sectors such as Agriculture, service industry, pharmaceuticals, manufacturing and technological development amongst others. The US is a net exporter of food controlling approximately 50% of world’s grain export (Capital, 2014). This level of economic and business success is based on improved human efficiency, or the technical know how of the production factors, entrepreneurship in effectively and efficiently combining the other factors of production. In light with the advancement of business and management within the American economy, this paper proposes a research on the introduction of the eight hour-day and time management and their impact in improving efficiency in different production processes within the American economy.
Background information
During the early stages of the industrial revolution, early 1800s workers welfare was never a priority for the employers in the large farm plantations of the industries. Employees worked for up to 14 hours a day, six days a week. No employee was allowed a sick leave, a holiday pass, and employees could be sacked at any given time, and without a proper reason. With many immigrants from different backgrounds coming to the US, the workers came up with a resolve to attain good working conditions, including reduced working hours. The need to reduce working hours from 14 to 8 in a day was informed by factors such as the need of intellectual advancement which could only be achieved by giving workers some time out to go to school and develop their skill sets (State Library of Victoria, n.d). The other one was that to enhance productivity, the workers had to be happy and as such, they need leisure time to unwind, spend time with their families becoming better parents and citizens. From the level of success, regarding the productivity of employees out of the introduction of the 8-hour working day did the issue of time management rose as a key cog of improving business efficiency and management.
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Purpose of the study
In today’s business world, ‘time’ has become a very important asset for all organizations. To achieve efficiency and productivity, businesses have ensured that they employ a methodical and systematic time management structures. To achieve their short and long-term goals, businesses have been forced to plan ahead of time and ensure that they are in control of all of their operations. Proper time management has benefited business to minimize anxiety and stress in work places, handle several projects at a time, attain their targets within the expected time frames all of which have led to the generation of superior profits.
The objective of this study will be to determine, how time was managed in the pre-industrialized American economy. The other aim of the study would be to establish how the concept of time management got its impetus during the 19 th century. Finally, the study will determine time management in the 20 th century and the modern approaches on the same employed today.
Hypothesis of the research
Economic growth is dependent on how production factors are combined and not dependent on time management.
Research Method
This research is based on studying of historical events, referring to a real world situation as they happen without any manipulation. As such, the research does not have any fixed results hence, qualitative research method will be the most suitable research method recommended to carry out the research.
Data Analysis
Given the fact that we are already aware of end results, several methods of data analysis will be employed. Nevertheless, the main method of data analysis will be used is the holistic approach perspective. This perspective is recommended due to the fact that the phenomenon being researched is dependent on various factors which make it difficult to reduce the result in a cause and effect relationship.
Potential Findings
The potential findings of the research will be on how the introduction of 8-hour working day and sound time management measures helped the American economy improve its efficiencies leading to its exponential growth and its current world status.
Conclusion
Time management is an important cog in gaining control of all aspects of our lives. The introduction of sound time management approaches within the American society has helped the economy achieve its current status of world’s strongest economy. Investigating the history of time management will provide crucial information on how we can even further improve the efficient use of time. In fact, time management should focus more on doing the right thing rather than doing whatever is in front of us at maximum speed. Time management should be principle-centered.
References
Capital, D (2014) ‘America’s economy is so strong; it can afford its splendid isolationism.’ Independent. Retrieved from http://www.independent.co.uk/news/business/comment/america-s-economy-is-so-strong-it-can-afford-its-splendid-isolationism-9792629.html
State Library of Victoria (n.d). Origins of the 8-hour day. Retrieved from http://ergo.slv.vic.gov.au/explore-history/fight-rights/workers-rights/origins-8-hour-day
