EH101 The Internationalisation of Economic Growth The British.pptVIP

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EH101 The Internationalisation of Economic Growth The British.ppt

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EH101 The Internationalisation of Economic Growth The British

For govt to think about 3 Go to NY, London and LA Transport is pretty rubbish Yet they are successful Don’t overemphasise transport Dr Tim Leunig * Is it transport that: Makes Reading richer than Rochdale? (no) Makes Switzerland richer than Swaziland (no) Dr Tim Leunig * Questions?Comments? EH464: The Historical Context of Business Latin America and the Great Depression EH464: The Historical Context of Business Latin America and the Great Depression EH464: The Historical Context of Business Latin America and the Great Depression EH464: The Historical Context of Business Latin America and the Great Depression EH464: The Historical Context of Business Latin America and the Great Depression EH464: The Historical Context of Business Latin America and the Great Depression EH464: The Historical Context of Business Latin America and the Great Depression EH464: The Historical Context of Business Latin America and the Great Depression EH464: The Historical Context of Business Latin America and the Great Depression EH464: The Historical Context of Business Latin America and the Great Depression International Transport ForumTransport infrastructure and economic growth Dr Tim Leunig Back to basics… Y=f(K,L) Diminishing marginal returns Dr Tim Leunig * Violation 1 A new technology that is so big, it saves a colossal amount of time Harry Potter’s flu powder Dr Tim Leunig * Invention of the railway c. 25mph (40kmph) in the nineteenth century Compares with 2.5 mph (4kmph) walking or by cart London to Brighton was 3 days before, became 2 hours afterwards Used by lots of people Dr Tim Leunig * Railways were used Journal of Economic History, 2007 Dr Tim Leunig * Modern equivalent Low cost airlines replacing coaches? See Golson and Leunig on benefits of point to point service (just started!) Dr Tim Leunig * The steamship for goods The British cotton industry – biggest in the world, 500k employed in cotton processing, 1.2m in textiles All raw cot