Railroads as an Economic Force in American Development

  title={Railroads as an Economic Force in American Development},
  author={Leland Hamilton Jenks},
  journal={The Journal of Economic History},
  pages={1 - 20}
  • L. H. Jenks
  • Published 1 May 1944
  • Economics
  • The Journal of Economic History
Any attempt to discuss the way in which railroads have promoted the rise of the American economy must assume some theory of economic evolution. The following analysis is based upon Schumpeter's theory of innovations. Briefly this theory holds that economic evolution in capitalistic society is started by innovation in some production function, that is, by new combinations of the factors in the economic process. These innovations may center in new commodities or new services, new types of… 

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