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This paper reassesses and extends Hawkeâs passenger railway social savings for England and Wales. Better estimates of coach costs and evidence that third class passengers would otherwise have walked reduce Hawkeâs social savings by two-thirds. We calculate railway speeds, and the amount and value of time saved by railways. Initially small, time savings was three times fare savings by 1912, when total railway passenger social savings exceeded 13% of GDP. The transition from railways saving money to saving time came when railway technology stopped simply fulfilling existing demand more cheaply (travel for the affluent) and became a new good (travel for the masses).
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Published on 01/01/2005
Volume 2005, 2005
DOI: 10.1017/s0022050706000283
Licence: CC BY-NC-SA license
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