Donaldson, Dave and Hornbeck, Richard 2016. Railroads and American Economic Growth: A “Market Access” Approach. The Quarterly Journal of Economics, Vol. 131, Issue. 2, p. 799.
Campbell, Gareth and Turner, John D. 2015. Managerial failure in mid-Victorian Britain?: Corporate expansion during a promotion boom. Business History, Vol. 57, Issue. 8, p. 1248.
Fouquet, Roger 2014. Long-Run Demand for Energy Services: Income and Price Elasticities over Two Hundred Years. Review of Environmental Economics and Policy, Vol. 8, Issue. 2, p. 186.
Gerhold, Dorian 2014. The development of stage coaching and the impact of turnpike roads, 1653-1840. The Economic History Review, Vol. 67, Issue. 3, p. 818.
Caruana-Galizia, Paul and Martí-Henneberg, Jordi 2013. European regional railways and real income, 1870–1910: a preliminary report. Scandinavian Economic History Review, Vol. 61, Issue. 2, p. 167.
Campbell, Gareth 2012. Myopic rationality in a Mania. Explorations in Economic History, Vol. 49, Issue. 1, p. 75.
Cirer-Costa, Joan Carles 2012. The beginnings of tourism in Majorca. 1837-1914. Annals of Tourism Research, Vol. 39, Issue. 4, p. 1779.
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DODGSON, JOHN 2011. New, disaggregated, British railway total factor productivity growth estimates, 1875 to 19121. The Economic History Review, Vol. 64, Issue. 2, p. 621.
Leunig, Tim 2011. Economics and History.
MITCHELL, BRIAN CHAMBERS, DAVID and CRAFTS, NICK 2011. How good was the profitability of British railways, 1870-1912?. The Economic History Review, Vol. 64, Issue. 3, p. 798.
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This article assesses train speeds in England and Wales 1843–1912. Trains were fast compared with coaches or walking, and the social saving of time saved grew over time to become over 10 percent of national income in 1912. Including fare savings as well, social savings were 14 percent of national income in 1912, with consumer surplus of 6 percent. Time savings dominated fare savings once railways became a new good: travel for the masses. Using the social savings-total factor productivity identity, we show that railways accounted for around a sixth of economy-wide productivity growth in this era.
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