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Total factor productivity growth on Britain's railways, 1852-1912: A reappraisal of the evidence
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Crafts, Nicholas, Mills, Terence C. and Mulatu, Abay. (2007) Total factor productivity growth on Britain's railways, 1852-1912: A reappraisal of the evidence. Explorations in Economic History, Vol.44 (No.4). pp. 608-634. ISSN 0014-4983
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Official URL: http://dx.doi.org/10.1016/j.eeh.2007.01.002
Abstract
This paper revisits the issue of the productivity performance of Britain's railways with an improved dataset and modern cliometrics. We find a slowdown in TFP growth between 1850 and 1870, after which it stabilized at about 1.1%. An analysis of company-level productivity performance reveals large discrepancies in TFP growth and substantial cost inefficiency. The evidence suggests that there was managerial failure in companies with agency problems in a context of collusion and high entry barriers. A wider implication is that the neoclassical exoneration of late-Victorian British management may be less convincing for the services sector than for manufacturing.
| Item Type: | Journal Article |
|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences |
| Divisions: | Faculty of Social Sciences > Economics |
| Journal or Publication Title: | Explorations in Economic History |
| Publisher: | Elsevier |
| ISSN: | 0014-4983 |
| Date: | October 2007 |
| Volume: | Vol.44 |
| Number: | No.4 |
| Number of Pages: | 27 |
| Page Range: | pp. 608-634 |
| Identification Number: | 10.1016/j.eeh.2007.01.002 |
| Status: | Peer Reviewed |
| Publication Status: | Published |
| Access rights to Published version: | Restricted or Subscription Access |
| URI: | http://wrap.warwick.ac.uk/id/eprint/31327 |
Data sourced from Thomson Reuters' Web of Knowledge
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