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Total factor productivity growth on Britain's railways, 1852-1912: A reappraisal of the evidence
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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. doi:10.1016/j.eeh.2007.01.002 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 | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences |
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Divisions: | Faculty of Social Sciences > Economics | ||||
Journal or Publication Title: | Explorations in Economic History | ||||
Publisher: | Elsevier | ||||
ISSN: | 0014-4983 | ||||
Official Date: | October 2007 | ||||
Dates: |
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Volume: | Vol.44 | ||||
Number: | No.4 | ||||
Number of Pages: | 27 | ||||
Page Range: | pp. 608-634 | ||||
DOI: | 10.1016/j.eeh.2007.01.002 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
Data sourced from Thomson Reuters' Web of Knowledge
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