Time is Money: A Re-Assessment of the Passenger Social Savings from Victorian British Railways
评估了1843-1912年英格兰和威尔士的火车速度，发现时间节省带来的社会储蓄在1912年超过国民收入的10%，加上票价节省达14%，铁路贡献了该时期约六分之一的生产力增长。
This article assesses train speeds in England and Wales 1843–1912. Trains were fast compared with coaches or walking, and the social saving of time saved grew over time to become over 10 percent of national income in 1912. Including fare savings as well, social savings were 14 percent of national income in 1912, with consumer surplus of 6 percent. Time savings dominated fare savings once railways became a new good: travel for the masses. Using the social savings-total factor productivity identity, we show that railways accounted for around a sixth of economy-wide productivity growth in this era.