Total factor productivity growth on Britain's railways, 1852-1912: A reappraisal of the evidence
Crafts, N. F. R., 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 0014-4983Full text not available from this repository.
Official URL: http://dx.doi.org/10.1016/j.eeh.2007.01.002
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|
|Official Date:||October 2007|
|Number of Pages:||27|
|Page Range:||pp. 608-634|
|Access rights to Published version:||Restricted or Subscription Access|
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