Economists and educational historians have put forward two major kinds of explanations for the coincidence between the industrial revolution and the development of mass public schooling in the United States. Industrial change, some maintain, created a demand for technicians, managers, skilled...

Economists often counsel against considering sunk costs in making decisions. But this advice is applicable in only a limited range of cases. Where the assets acquired through past investment are illiquid or specialized to a particular use, the advice to ignore prior commitments can be...

This essay considers the status of the new economic history from the vantage point of the mid-1980s. It discusses the historical and demographic factors that contributed to the golden age of academics in the United States (1957-1969), and how this, along with various intellectual factors,...

Using quantitative data on sectoral productivity and labor force shares, this paper assesses distribution's contribution to growth in aggregate output per worker between 1869 and 1992, speculates about performance during the prior two decades, and explores the implications and determinants of...

This paper delineates how the telegraph was used in the financial services sector in the United States, and considers the implications of this use for U.S. economic growth, New York Stock Exchange trading volume, and securities market regulation. The parallel implementation of two separate...

Between 1919 and 1946 bankruptcy rates in the U.S. traced out an inverted U-shaped curve, rising during the 1930s as income levels fell, and then plummeting during the Second World War in the face of both rising income and falling debt levels. This paper explores these relationships...

French optical telegraph represented a highly refined blend of software and hardware generating performance levels in long distance communication which were, given the limitations of the hardware, quite remarkable. Had the electromagnetic telegraph not become available, French optical...

The introduction and diffusion of what Alfred Chandler called modern business enterprise had a profound capital-saving impact on the American economy. Given the availability of the railroad and telegraph, purchasing more managerial labor services paid off principally via increased speed of...

The contribution to growth of telegraphic- as opposed to rail-speed transmission of financial asset and commodity price data remains unclear. With more certainty we can identify savings in the holdings of real capital-savings made possible by the use of the telegraph at the firm level to...