Abstract
Economic infrastructure is widely recognized as an essential element of economic growth. The economics literature has pointed to the critical role of infrastructure (roads, railroads, canals, etc.) during the latter part of the 1800s in expanding and unifying regional markets within the U.S. economy. By allowing realization of comparative advantage among regions of the domestic economy, by permitting attainment of economies of scale, and by reducing transactions costs within markets, infrastructure accelerated the industrial revolution and thereby leveraged the United States into a position of world economic leadership.
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Tassey, G. (1996). Infratechnologies and Economic Growth. In: Teubal, M., Foray, D., Justman, M., Zuscovitch, E. (eds) Technological Infrastructure Policy. Economics of Science, Technology and Innovation, vol 7. Springer, Dordrecht. https://doi.org/10.1007/978-94-015-8739-6_3
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DOI: https://doi.org/10.1007/978-94-015-8739-6_3
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