in [New York .
Written in English
|LC Classifications||HE2751 C66|
|The Physical Object|
|Number of Pages||528|
In "A Nation of Steel (Misa) and "Men, Machines and Modern Times" (Morison) we are told that almost all of the steel went to rails. The expansion of railroads was dramatic after the introduction of steel, with a near doubling of mileage each decade from The book contains numerous graphs and tables to support Fogel's by: "All readers will profit by the virtuosity with which the author has carried out his pioneering attempt to erect the structure of economic hisotry on the basis of a theory of development." ―Carter Goodrich, American Historical Review "On the eve of the Civil War the United States had already achieved rapid and sustained economic by: In Railroads and American Economic Growth, Fogel () transformed the academic literature by using a \social saving" methodology to focus attention on counterfactuals: in the absence of railroads, freight transportation by rivers and canals would have been only moderately more expensive along most common routes. Fogel argued that small di. Economic growth, the process by which a nation’s wealth increases over time. Although the term is often used in discussions of short-term economic performance, in the context of economic theory it generally refers to an increase in wealth over an .
The railroads were the key to economic growth in the second half of the nineteenth century. Besides making it possible to ship agricultural and manufactured goods throughout the country cheaply and efficiently, they directly contributed to the development of other industries. Railroads and American Economic Growth: A "Market Access" Approach Dave Donaldson, Richard Hornbeck. NBER Working Paper No. Issued in July NBER Program(s):Development of the American Economy, Development Economics, Economic Fluctuations and Growth, International Trade and Investment This paper examines the . “A Quantitative Approach to the Study of Railroads in American Economic Growth: A Report of Some Preliminary Findings,” Journal of Economic History, 22 (June). Robert E. Gallman. “Commodity Output in the United States,” in Conference on Income and Wealth, Trends in the American Economy in the Nineteenth Century, 24, Studies in. Railroads became such a dominant mode of transport so quickly that it seemed obvious that they played a critical role in the country’s rapid economic growth. The railroad boom in the United States meant a massive increase in the supply of transportation services.
In the early 20th century, annual revenues of railroads constituted the largest industry in America. This is no longer the case, but because of both economic growth and population growth railroad revenue exceeded $70 billion last year, and railroad employment rose to approximately ,, according the Association of American Railroads (AAR). The modern American economy traces its roots to the quest of European settlers for economic gain in the 16th, 17th, and 18th centuries. The New World then progressed from a marginally successful colonial economy to a small, independent farming economy and, eventually, to a highly complex industrial economy. Keywords: Railroad; Infrastructure Investments, Economic Development, Antebellum United States, Vector Auto-Regression JEL Classification: H54, N71, R42 1. INTRODUCTION Railroads played a major role in the development of the antebellum United States. The availability of an expanding railroad infrastructure revolutionized the dynamics of. a. A non-interventionist, laissez-faire economic policy should be followed. b. Government should play a major role in the lives of the American people. c. Utilities such as railroads and telegraph lines should be publically owned.