Time is money: a re-assessment of the passenger social savings from Victorian British railways
AbstractThis paper reassesses and extends Hawke’s passenger railway social savings for England and Wales. Better estimates of coach costs and evidence that third class passengers would otherwise have walked reduce Hawke’s social savings by two-thirds. We calculate railway speeds, and the amount and value of time saved by railways. Initially small, time savings was three times fare savings by 1912, when total railway passenger social savings exceeded 13% of GDP. The transition from railways saving money to saving time came when railway technology stopped simply fulfilling existing demand more cheaply (travel for the affluent) and became a new good (travel for the masses).
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Bibliographic InfoPaper provided by London School of Economics and Political Science, Department of Economic History in its series Economic History Working Papers with number 22551.
Length: 63 pages
Date of creation: Jul 2005
Date of revision:
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Other versions of this item:
- Leunig, Timothy, 2006. "Time is Money: A Re-Assessment of the Passenger Social Savings from Victorian British Railways," The Journal of Economic History, Cambridge University Press, vol. 66(03), pages 635-673, September.
- 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
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