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).
|Date of creation:||Jul 2005|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +44 (0) 20 7955 7084
Web page: http://www.lse.ac.uk/economicHistory/
More information through EDIRC
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.:
- William D. Nordhaus, 2004.
"Schumpeterian Profits in the American Economy: Theory and Measurement,"
Cowles Foundation Discussion Papers
1457, Cowles Foundation for Research in Economics, Yale University.
- William D. Nordhaus, 2004. "Schumpeterian Profits in the American Economy: Theory and Measurement," NBER Working Papers 10433, National Bureau of Economic Research, Inc.
- Bogart, Dan, 2005. "Turnpike trusts and the transportation revolution in 18th century England," Explorations in Economic History, Elsevier, vol. 42(4), pages 479-508, October.
- Nicholas Crafts, 2005.
"Regional Gdp In Britain, 1871-1911: Some Estimates,"
Scottish Journal of Political Economy,
Scottish Economic Society, vol. 52(1), pages 54-64, 02.
- Nicholas Crafts, 2004. "Regional GDP in Britain, 1871-1911: some estimates," Economic History Working Papers 22557, London School of Economics and Political Science, Department of Economic History.
- 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(01), pages 72-102, March.
- Fogel, Robert William, 1979. "Notes on the Social Saving Controversy," The Journal of Economic History, Cambridge University Press, vol. 39(01), pages 1-54, March.
- Baker, William J., 1971. "Railways and Economic Growth in England and Wales 1840-1870. By G. R. Hawke. Oxford: Clarendon Press, 1970. Pp. xiv, 421. $19.25," The Journal of Economic History, Cambridge University Press, vol. 31(03), pages 718-719, September.
- Crafts, Nicholas & Mulatu, Abay, 2004.
"What Explains the Location of Industry in Britain, 1871-1931,"
CEPR Discussion Papers
4356, C.E.P.R. Discussion Papers.
- Nicholas Crafts & Abay Mulatu, 2005. "What explains the location of industry in Britain, 1871–1931?," Journal of Economic Geography, Oxford University Press, vol. 5(4), pages 499-518, August.
When requesting a correction, please mention this item's handle: RePEc:ehl:wpaper:22551. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (LSERO Manager on behalf of EH Dept.)
If references are entirely missing, you can add them using this form.