Time is Money: A Re-Assessment of the Passenger Social Savings from Victorian British Railways
This 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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Volume (Year): 66 (2006)
Issue (Month): 03 (September)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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