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Robert Fogel (famously) estimated the social savings of the railroad in the US in 1890. Define the social savings as measured by Fogel, taking care
Robert Fogel (famously) estimated the social savings of the railroad in the US in 1890. Define the social savings as measured by Fogel, taking care to distinguish between the inter-regional and intra-regional components. Based on critiques made at the time and in more recent work does Fogels measure understate or overstate the true social savings (as he defines the social savings)? Why or why not?
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