Modern Transport Since 1700: A Momentous Achievement

Abstract

The transportation sector experienced dramatic changes during the last 300 years. This essay reviews the major technological and infrastructural developments including the transition from roads to railways to automobiles, the rise of steamships, and the emergence of air-travel. Changes in the transport market are also examined, including trends in prices, consumption, and regulation. The role of government policy is given special attention as market power, network design, and operational inefficiency have been important historically. Lastly the essay discusses how transport improvements have played a crucial role in economic growth. Various approaches to quantifying the contribution of transport innovations are reviewed.

Keywords: Transport, Regulation, Economic Growth, Policy, Infrastructure, Social Savings

JEL Classification: N7, O2, R4