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Time is Money: A Re-Assessment of the Passenger Social Savings from Victorian British Railways

  • TIMOTHY LEUNIG (a1)
Abstract

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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This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

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The Journal of Economic History
  • ISSN: 0022-0507
  • EISSN: 1471-6372
  • URL: /core/journals/journal-of-economic-history
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