The evolution of the value of water power during the Industrial Revolution

Todd Guilfoos

Explorations in Economic History, 2025, vol. 95, issue C

Abstract: This work measures the historical evolution of the value of water power during the Industrial Revolution in the United States. I use the variation in county level agricultural land prices and the natural endowment of water power to identify the value of water power. This value is decomposed into direct values (power as a prime mover) and indirect values (attracting infrastructure) from 1850 to 1920; prior to 1900 approximately 85%–90% of the total value is derived from the direct effect of water power. Significant devaluation of water-power endowments occur after 1900, with a significant decline in value by 1920.

Keywords: Water power; Industrial revolution; Market access (search for similar items in EconPapers)
JEL-codes: N61 Q40 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:exehis:v:95:y:2025:i:c:s0014498324000718

DOI: 10.1016/j.eeh.2024.101645

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