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Social savings

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  • Leunig, Tim

Abstract

'Social savings' is a cliometric concept to measure the benefit to society of technological improvements. The terms are defined, and the relationship between social savings and consumer surplus, total factor productivity and growth accounting measures is discussed. We critically outline Fogel's original application of social savings to American railroads in 1890, before looking at subsequent uses of the concept, both to other transport improvements and to other technological changes more generally. The paper concludes by setting out areas to which social savings could be applied, as well as setting out guidelines that future economic historians should use when applying the technique, in order to maximize the likely usefulness of any such work.

Suggested Citation

  • Leunig, Tim, 2010. "Social savings," LSE Research Online Documents on Economics 30135, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:30135
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    File URL: http://eprints.lse.ac.uk/30135/
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    References listed on IDEAS

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    1. Summerhill, William R., 2005. "Big Social Savings in a Small Laggard Economy: Railroad-Led Growth in Brazil," The Journal of Economic History, Cambridge University Press, vol. 65(1), pages 72-102, March.
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    Cited by:

    1. Cannon, Edmund & Brunt, Liam, 2013. "Integration in the English wheat market 1770-1820," CEPR Discussion Papers 9504, C.E.P.R. Discussion Papers.
    2. repec:csg:ajrcwp:02 is not listed on IDEAS
    3. John Tang, 2013. "Railroad expansion and entrepreneurship: evidence from Meiji Japan," CEH Discussion Papers 011, Centre for Economic History, Research School of Economics, Australian National University.
    4. Peter J. Buckley, 2016. "Historical Research Approaches to the Analysis of Internationalisation," Management International Review, Springer, vol. 56(6), pages 879-900, December.

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    More about this item

    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics
    • N0 - Economic History - - General

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