Engines of Growth: Railroads, Reallocation, and the Rise of American Manufacturing (joint with Martin Rotemberg) (Joint with Trade Seminar)
Abstract:

We examine the impacts of market integration on the development of American manufacturing, as railroads expanded through the latter half of the 19th century. Using county-by-industry data from the Census of Manufacturers, we estimate substantial impacts on manufacturing productivity growth from increases in county market access due to expansion of the railroad network. These productivity impacts are driven by increases in ``reallocative efficiency,’‘ as input usage increased in areas where value marginal product exceeded marginal cost.

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Date: 15 May 2018, 14:30 (Tuesday, 4th week, Trinity 2018)
Venue: Manor Road Building, Manor Road OX1 3UQ
Venue Details: Seminar Room A
Speaker: Richard Hornbeck (Universty of Chicago, Booth School of Business)
Organising department: Department of Economics
Organiser: Antonella Surdi (OxCarre)
Part of: OxCarre Seminar Series
Booking required?: Not required
Audience: Members of the University only
Editors: Antonella Surdi, Erin Saunders, Anne Pouliquen, Melis Clark