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#A penny for your thoughts brooklyn bridge how to
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When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:30076. You can help correct errors and omissions. Suggested CitationĪll material on this site has been provided by the respective publishers and authors. This evidence lends direct empirical support to an extensive theoretical literature in economic growth and urban economics positing that more ideas can emerge from communication between individuals. Our results provide quantitative causal estimates showing how a fall in communication costs can increase the rate at which scientific knowledge is exchanged and new ideas and technologies are developed. We study the impact of this reform on the production of scientific knowledge using citation links constructed from a leading academic journal, the Philosophical Transactions, and the impact on the development of new technology using patent data. The result was a large spatially-varied reduction in the cost of communicating across locations. This reform replaced the previous system of expensive distance-based postage fees with a uniform low rate of one penny for sending letters anywhere in the country. How do communication costs affect the production of new ideas and inventions? To answer this question, we study the introduction of the Uniform Penny Post in Great Britain in 1840.
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