The Magnetic Telegraph, Price and Quantity Data, and the New Management of Capital
研究了电报（而非铁路）传输金融资产和商品价格数据对经济增长的贡献，并指出电报在企业层面实现严格物流控制从而节省实际资本持有量。
The contribution to growth of telegraphic- as opposed to rail-speed transmission of financial asset and commodity price data remains unclear. With more certainty we can identify savings in the holdings of real capital—savings made possible by the use of the telegraph at the firm level to implement tight systems of logistical control.