TE
TechEcho
Home24h TopNewestBestAskShowJobs
GitHubTwitter
Home

TechEcho

A tech news platform built with Next.js, providing global tech news and discussions.

GitHubTwitter

Home

HomeNewestBestAskShowJobs

Resources

HackerNews APIOriginal HackerNewsNext.js

© 2025 TechEcho. All rights reserved.

Collective hallucination and inefficient markets: The Railway Mania of the 1840s [pdf]

93 pointsby winstonsmithover 7 years ago

7 comments

Animatsover 7 years ago
That&#x27;s a fun read. Too much Brontë sisters, too little Isambard Kingdom Brunel, until page 187, where the author goes after Brunel for being a high-cost builder. Way too much about some fictional work on the subject, which the authors even go to the trouble of rewriting their way.<p>He gets how important the Liverpool and Manchester Railway (1830) was. I&#x27;ve pointed to that for years as the moment when the Industrial Revolution got out of beta. There were railroads and steam locomotives before that, but they were one-off demos or in-house operations. The Liverpool and Manchester was all steam locomotives (no horse-drawn vehicles), with double tracks, signals, switches, schedules, and tickets. At last, people could buy a ticket and go someplace. As the author points out, once it got running, it was quite profitable.<p>So, of course, everybody wanted to copy it. Hence the railway mania. I&#x27;m amazed that the author had trouble finding materials on that subject, but apparently he searched for the phrase &quot;railway mania&quot; and didn&#x27;t get enough hits. Strange. Oh, and on page 189, there&#x27;s &quot;(in fact, got continued growth)&quot;, a phrase from an outline never filled in.<p>Brunel was indeed a high-cost builder. Most of his works are still standing and in regular use, even those coming up on two centuries old. Railway mania was enormously profitable for Britain, although many railroad stockholders did not do as well. Railroads probably paid off better than aviation - commercial aviation, over its entire life, has been a net loss to investors.[1]<p>If you want to read about 19th century railways, both Stanford University and the San Francisco Mechanics Institute have good collections.<p>[1] <a href="https:&#x2F;&#x2F;www.amazon.com&#x2F;Sporty-Game-High-Risk-Competitive-Commercial&#x2F;dp&#x2F;0394514475" rel="nofollow">https:&#x2F;&#x2F;www.amazon.com&#x2F;Sporty-Game-High-Risk-Competitive-Com...</a>
评论 #16147477 未加载
afarrellover 7 years ago
Fun side note: The value of tulip exports from the Netherlands in 2016 was €214 million.<p><a href="https:&#x2F;&#x2F;www.statista.com&#x2F;statistics&#x2F;581482&#x2F;value-of-the-import-and-export-of-tulip-bulbs-in-the-netherlands&#x2F;" rel="nofollow">https:&#x2F;&#x2F;www.statista.com&#x2F;statistics&#x2F;581482&#x2F;value-of-the-impo...</a>
Lucover 7 years ago
More articles on financial mania by the same author: <a href="http:&#x2F;&#x2F;www.dtc.umn.edu&#x2F;~odlyzko&#x2F;doc&#x2F;bubbles.html" rel="nofollow">http:&#x2F;&#x2F;www.dtc.umn.edu&#x2F;~odlyzko&#x2F;doc&#x2F;bubbles.html</a>
pjc50over 7 years ago
In some ways, the channel tunnel was a recapitulation of this - the budget overrun meant that there was no way it could ever realistically provide a return to investors or even creditors, so most of the original financers lost out. But after restructuring it makes a viable operating profit.
daodedickinsonover 7 years ago
Anyone have an updated opinion of wether Jerry Brown&#x27;s California Railway Mania will be worthwile? Haven&#x27;t read about it in a few years.
评论 #16148094 未加载
basicsbeautyover 7 years ago
Is there an equivalent report for US market?
jacobsimonover 7 years ago
I see what you did there
评论 #16148520 未加载
评论 #16146694 未加载