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Social Savings

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  • Tim Leunig

Abstract

‘Social savings’ is a cliometric concept to measure the benefit to society of technological improvements. The terms are defined, and the relationship between social savings and consumer surplus, total factor productivity and growth accounting measures is discussed. We critically outline Fogel's original application of social savings to American railroads in 1890, before looking at subsequent uses of the concept, both to other transport improvements and to other technological changes more generally. The paper concludes by setting out areas to which social savings could be applied, as well as setting out guidelines that future economic historians should use when applying the technique, in order to maximize the likely usefulness of any such work.

Suggested Citation

  • Tim Leunig, 2010. "Social Savings," Journal of Economic Surveys, Wiley Blackwell, vol. 24(5), pages 775-800, December.
    • Handle: RePEc:bla:jecsur:v:24:y:2010:i:5:p:775-800
    DOI: 10.1111/j.1467-6419.2010.00636.x
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    References listed on IDEAS

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    1. Lebergott, Stanley, 1966. "United States Transport Advance and Externalities," The Journal of Economic History, Cambridge University Press, vol. 26(4), pages 437-461, December.
    2. Crafts, Nicholas & Mulatu, Abay, 2006. "How Did the Location of Industry Respond to Falling Transport Costs in Britain Before World War I?," The Journal of Economic History, Cambridge University Press, vol. 66(3), pages 575-607, September.
    3. Paul A. David, 1969. "Transport Innovation and Economic Growth: Professor Fogel on and off the Rails," Economic History Review, Economic History Society, vol. 22(3), pages 506-525, December.
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    5. Dan Bogart, 2009. "Turnpike trusts and property income: new evidence on the effects of transport improvements and legislation in eighteenth‐century England1," Economic History Review, Economic History Society, vol. 62(1), pages 128-152, February.
    6. Harberger, Arnold C, 1998. "A Vision of the Growth Process," American Economic Review, American Economic Association, vol. 88(1), pages 1-32, March.
    7. Leunig, Timothy, 2006. "Time is Money: A Re-Assessment of the Passenger Social Savings from Victorian British Railways," The Journal of Economic History, Cambridge University Press, vol. 66(3), pages 635-673, September.
    8. Metzer, Jacob, 1976. "Railroads in Tsarist Russia: Direct gains and implications," Explorations in Economic History, Elsevier, vol. 13(1), pages 85-111, January.
    9. Fogel, Robert William, 1979. "Notes on the Social Saving Controversy," The Journal of Economic History, Cambridge University Press, vol. 39(1), pages 1-54, March.
    10. Crafts, Nicholas, 2004. "Social savings as a measure of the contribution of a new technology to economic growth," Economic History Working Papers 22554, London School of Economics and Political Science, Department of Economic History.
    11. Metzer, Jacob, 1984. "Railroads and the Efficiency of Internal Markets: Some Conceptual and Practical Considerations," Economic Development and Cultural Change, University of Chicago Press, vol. 33(1), pages 61-70, October.
    12. Coatsworth, John H., 1979. "Indispensable Railroads in a Backward Economy: The Case of Mexico," The Journal of Economic History, Cambridge University Press, vol. 39(4), pages 939-960, December.
    13. Summerhill, William R., 2005. "Big Social Savings in a Small Laggard Economy: Railroad-Led Growth in Brazil," The Journal of Economic History, Cambridge University Press, vol. 65(1), pages 72-102, March.
    14. R. W. Fogel, 1966. "The New Economic History," Economic History Review, Economic History Society, vol. 19(3), pages 642-656, December.
    15. Fogel, Robert William, 1962. "A Quantitative Approach to the Study of Railroads in American Economic Growth: A Report of Some Preliminary Findings," The Journal of Economic History, Cambridge University Press, vol. 22(2), pages 163-197, June.
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    Cited by:

    1. Tang, John P., 2014. "Railroad Expansion and Industrialization: Evidence from Meiji Japan," The Journal of Economic History, Cambridge University Press, vol. 74(3), pages 863-886, September.
    2. Lydon, Rio, 2012. "The eighth wonder of the world: how might access for vehicles have prevented the economic failure of the Thames Tunnel 1843-1865?," Economic History Working Papers 47804, London School of Economics and Political Science, Department of Economic History.
    3. Cannon, Edmund & Brunt, Liam, 2013. "Integration in the English wheat market 1770-1820," CEPR Discussion Papers 9504, C.E.P.R. Discussion Papers.
    4. Herranz-Loncan, Alfonso, 2011. "The contribution of railways to economic growth in Latin America before 1914: a growth accounting approach," MPRA Paper 33578, University Library of Munich, Germany.
    5. Tim Leunig, 2011. "Cart or Horse: Transport and Economic Growth," International Transport Forum Discussion Papers 2011/4, OECD Publishing.
    6. Peter J. Buckley, 2016. "Historical Research Approaches to the Analysis of Internationalisation," Management International Review, Springer, vol. 56(6), pages 879-900, December.
    7. repec:csg:ajrcwp:02 is not listed on IDEAS

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