Growth Off the Rails: Aggregate Productivity Growth in Distorted Economies

• 成果类型: Article
• 署名作者: Hornbeck, Richard; Rotemberg, Martin
• 署名单位: University of Chicago; New York University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/730548
• 发表日期: 2024
• 页码: 3547-3602
• 关键词: UNITED-STATES; TRADE; census; identification; misallocation; EFFICIENCY; railroads; geography; resource; returns

摘要

We examine aggregate economic gains in the United States as the railroad network expanded in the nineteenth century. Using data from the Census of Manufactures, we estimate relative increases in county aggregate productivity from relative increases in county market access. In general equilibrium, we find that the railroads substantially increased national aggregate productivity. By accounting for input distortions, we estimate much larger aggregate economic gains from the railroads than previous estimates. Our estimates highlight how broadly-used infrastructure or technologies can have much larger economic impacts when there are inefficiencies in the economy.