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The evolution of the value of water power during the Industrial Revolution

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  • Guilfoos, Todd

Abstract

This work measures the historical evolution of the value of water power during the Industrial Revolution in the United States. I use the variation in county level agricultural land prices and the natural endowment of water power to identify the value of water power. This value is decomposed into direct values (power as a prime mover) and indirect values (attracting infrastructure) from 1850 to 1920; prior to 1900 approximately 85%–90% of the total value is derived from the direct effect of water power. Significant devaluation of water-power endowments occur after 1900, with a significant decline in value by 1920.

Suggested Citation

  • Guilfoos, Todd, 2025. "The evolution of the value of water power during the Industrial Revolution," Explorations in Economic History, Elsevier, vol. 95(C).
    • Handle: RePEc:eee:exehis:v:95:y:2025:i:c:s0014498324000718
    DOI: 10.1016/j.eeh.2024.101645
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    More about this item

    Keywords

    Water power; Industrial revolution; Market access;
    All these keywords.

    JEL classification:

    • N61 - Economic History - - Manufacturing and Construction - - - U.S.; Canada: Pre-1913
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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