Time is money: a re-assessment of the passenger social savings from Victorian British railways

Leunig, Tim (2006) Time is money: a re-assessment of the passenger social savings from Victorian British railways. Journal of Economic History, 66 (3). pp. 635-673. ISSN 0022-0507

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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.

Item Type:	Article
Official URL:	http://journals.cambridge.org/action/displayJourna...
Additional Information:	© 2006 Cambridge University Press
Divisions:	Economic History
Subjects:	H Social Sciences > H Social Sciences (General)
Date Deposited:	02 Jul 2008 15:13
Last Modified:	29 Oct 2024 05:39
URI:	http://eprints.lse.ac.uk/id/eprint/6352

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