Time is Money: A Re-Assessment of the Passenger Social Savings from Victorian British Railways
AbstractThis article assesses train speeds in England and Wales 1843 1912. Trains were fast compared with coaches or walking, and the social saving of time saved grew over time to become over 10 percent of national income in 1912. Including fare savings as well, social savings were 14 percent of national income in 1912, with consumer surplus of 6 percent. Time savings dominated fare savings once railways became a new good: travel for the masses. Using the social savings-total factor productivity identity, we show that railways accounted for around a sixth of economy-wide productivity growth in this era.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Cambridge University Press in its journal The Journal of Economic History.
Volume (Year): 66 (2006)
Issue (Month): 03 (September)
Contact details of provider:
Postal: The Edinburgh Building, Shaftesbury Road, Cambridge CB2 2RU UK
Fax: +44 (0)1223 325150
Web page: http://journals.cambridge.org/jid_JEHProvider-Email:email@example.com
Other versions of this item:
- Leunig, Tim, 2005. "Time is money: a re-assessment of the passenger social savings from Victorian British railways," Economic History Working Papers 22551, London School of Economics and Political Science, Department of Economic History.
- Leunig, Tim, 2006. "Time is money: a re-assessment of the passenger social savings from Victorian British railways," Open Access publications from London School of Economics and Political Science http://eprints.lse.ac.uk/, London School of Economics and Political Science.
- N0 - Economic History - - General
- L92 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Railroads and Other Surface Transportation
- B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Bogart, Dan, 2010. "A global perspective on railway inefficiency and the rise of state ownership, 1880-1912," Explorations in Economic History, Elsevier, vol. 47(2), pages 158-178, April.
- Tim Leunig, 2011. "Cart or Horse: Transport and Economic Growth," International Transport Forum Discussion Papers 2011/4, OECD Publishing.
- Dan Bogart, 2013. "The Transportation Revolution in Industrializing Britain: A Survey," Working Papers 121306, University of California-Irvine, Department of Economics.
- Roger Fouquet, 2013. "Long Run Demand for Energy Services: the Role of Economic and Technological Development," Working Papers 2013-03, BC3.
- Campbell, Gareth, 2012. "Myopic rationality in a Mania," Explorations in Economic History, Elsevier, vol. 49(1), pages 75-91.
- Alexander Klein & Tim Leunig, 2013.
"Gibrat's law and the British Industrial Revolution,"
Studies in Economics
1314, Department of Economics, University of Kent.
- Klein, Alexander & Leunig, Tim, 2013. "Gibrat’s Law and the British Industrial Revolution," CAGE Online Working Paper Series 145, Competitive Advantage in the Global Economy (CAGE).
- Broadberry, Stephen, 2007.
"Recent Developments In The Theory Of Very Long Run Growth : A Historical Appraisal,"
The Warwick Economics Research Paper Series (TWERPS)
818, University of Warwick, Department of Economics.
- Broadberry, Stephen, 2011. "Recent developments in the theory of very long run growth: A historical appraisal," CAGE Online Working Paper Series 55, Competitive Advantage in the Global Economy (CAGE).
- Dan Bogart, 2009.
"Did the Glorious Revolution Contribute to the Transport Revolution? Evidence from Investment in Roads and Rivers,"
080918, University of California-Irvine, Department of Economics.
- Dan Bogart, 2011. "Did the Glorious Revolution contribute to the transport revolution? Evidence from investment in roads and rivers," Economic History Review, Economic History Society, vol. 64(4), pages 1073-1112, November.
- Fouquet, Roger, 2012.
"Trends in income and price elasticities of transport demand (1850–2010),"
Elsevier, vol. 50(C), pages 62-71.
- Roger Fouquet, 2012. "Trends in Income and Price Elasticities of Transport Demand (1850-2010)," Working Papers 2012-01, BC3.
- Brian Mitchell & David Chambers & Nicholas Crafts, 2008.
"How Good was the Profitability of British Railways, 1870-1912?,"
The Warwick Economics Research Paper Series (TWERPS)
859, University of Warwick, Department of Economics.
- Brian Mitchell & David Chambers & Nick Crafts, 2011. "How good was the profitability of British railways, 1870–1912?," Economic History Review, Economic History Society, vol. 64(3), pages 798-831, 08.
- Nicholas Crafts, 2010. "Cliometrics and technological change: a survey," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 17(5), pages 1127-1147.
- Broadberry, Stephen & Fremdling, Rainer & Solar, Peter M., 2008. "European Industry, 1700 - 1870," GGDC Research Memorandum GD-101, Groningen Growth and Development Centre, University of Groningen.
- Alexander Klein & Tim Leunig, 2013. "Gibrat's Law and the British Industrial Revolution," SERC Discussion Papers sercdo0140, Spatial Economics Research Centre, LSE.
- Thor Berger & Kerstin Enflo, 2013. "Locomotives of Local Growth: The Short- and Long-Term Impact of Railroads in Sweden," Working Papers 0042, European Historical Economics Society (EHES).
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.