ABSTRACT
This conclusion presents some closing thoughts on the concepts covered in the preceding chapters of this book. The book provides survey and appraises the new economic history of railways in three contexts: as part of a debate on methodology in economic history; as contributions to a broader discussion of the role of transport in economic development; and as history by juxtaposing the data presented against the facts required to support the generalisations now offered. Fogel's subtitled his book 'Essays in Economic History', and he demonstrates to good effect how to employ economic theory to deduce proxies for data that are either inaccessible or simply not available. For Fogel's main purpose, is to calculate social savings as a percentage of America's national income for 1890 his rough estimates suffice, but for an assessment of social rates of return on investment in railroads.
