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Railroads, Reallocation, And The Rise Of American Manufacturing.pdf

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Preview of Railroads, Reallocation, and the Rise of American Manufacturing

🔗 Source: conference.nber.org

📊 Size: 2.71 MB

👤 Author: Richard Hornbeck, Martin Rotemberg

⬇️ Downloads: 124

Summary

Railroads expanded through the US in the latter half of the 19th century, impacting American manufacturing. Using county-by-industry data from the Census of Manufactures, researchers estimate substantial impacts on manufacturing productivity from increased county market access due to railroads. The railroads increased economic activity in marginally productive counties, generating larger aggregate economic gains than previous estimates, highlighting the impact of broadly-used infrastructure on economic growth. A one standard deviation increase in county market access increased county manufacturing productivity by 12.9% from 1860 to 1880, driven by gains in reallocative efficiency. The researchers estimate that US aggregate productivity would have been 25% lower in 1890 without the railroads, resulting in an annual loss of $3 billion or 25% of GDP.

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Description

Railroads expanded through the US in the latter half of the 19th century, impacting American manufacturing.

Technical Information

File Format: PDF
File Size: 2.71 MB
Pages: 76
Language: EN
Author: Richard Hornbeck, Martin Rotemberg
Total Downloads: 124
Last Updated: 3 weeks ago

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