Economic Debates about Railroads

(a) Famed economist Joseph Schumpeter argued that railroad projects were \"built ahead of demand\". What does it mean that railroads were \"built ahead of demand\"? What does the historical evidence say about whether railroads were \"built ahead of demand\"? [1 1 Points] (b) Another argument that Schumpeter made was that development of railroads was indispensable to the US. as it transitioned to a modern economy. Two economists Robert Fogel and Albert Fishlow looked to see what impact did the development of the railroads have on the overall growth rate of the US. economy. How did F ogel and Fishlow test the contributions of the railroad to 19\"] century US. economic growth? What were their ndings? [1 1 Points]