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Economics 190/290 Lecture 1. Transportation Economics: An Introduction. Instructors/TA. Please note contact information and office hours Robert Feenstra SSH 1143, 752-7022 Off. Hours: Mon & Th, 2:00-3:30 [email protected] http://www.econ.ucdavis.edu/faculty/fzfeens.

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Economics 190 290 lecture 1 l.jpg

Economics 190/290 Lecture 1

Transportation Economics:

An Introduction


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Instructors/TA

  • Please note contact information and office hours

  • Robert Feenstra

    • SSH 1143, 752-7022

    • Off. Hours: Mon & Th, 2:00-3:30

    • [email protected]

    • http://www.econ.ucdavis.edu/faculty/fzfeens


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Prerequisites and Purpose

  • Prerequisites

    • See syllabus

    • The Math Issue

  • Purpose

    • Serve the TTP Program’s needs for a course on the economics of the Transportation Sector

    • Enable advanced undergraduates to see theory applied to an important sector


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Required Texts/Readings

  • “Porter”

  • “Essays”

  • “Readings”

    • The “departmental reserve” system of the Department of Economics


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Grading

  • Midterm: 30%

  • Final: 45%

  • Class Participation is Expected and Required (5%)

  • Homeworks: 20%

    • No late homeworks will be accepted

    • Students may work in groups

    • Distributed via the website, collected in class


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Extra Goodies

  • Multimedia presentations of lectures, PowerPoint slides downloadable (in advance) from class website

  • Using of computer lab, SSH 233

  • In-class presentations by outside experts (end of course)

  • Class website (http://www.econ.ucdavis.edu/faculty/fzfeens)


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Major Topics Covered/Timeline

  • The Automobile in Society (Jan. 10-22)

    • The “market” for driving

    • Social costs of driving – pollution

    • Social costs of driving – fuel economy and auto safety

    • Social costs of driving – “suburbanization” and other horrors of modern life


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Major Topics Covered/Timeline

  • The Automobile Industry (Feb. 24-29)

    • The rise of the car

    • The U.S. automobile oligopoly, 1900-1975

    • The Japanese invasion and other positive developments

    • The global auto industry in 2000


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Major Topics Covered/Timeline

  • Deregulation and Intercity Transportation (March 2-March 7)

    • Railroads

    • Trucking

    • Airlines

    • Deregulation outside the United States


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Major Topics Covered/Timeline

  • Techniques of Transportation Analysis (Jan. 6-Feb. 3)

    • Demand

    • Costs

    • Pricing

    • Project Evaluation/Congestion Analysis


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The Transportation Industry in Context

  • Transportation and the Global Economy: The 19th Century

    • Steamships

    • Railroads

    • The Evidence: Goods price integration across and within continents

    • A global economy by the late 19th century


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Country

1850

1870

1890

1910

USA

9,021

52,922

116,703

249,902

Canada

66

2,617

13,368

26,462

UK

6,621

15,537

20,073

23,387

Germany

3,637

11,729

25,411

36,152

Japan

--

--

1,139

5,130

The Transportation Industry in Context

Railway Mileage, 1850-1910




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The Transportation Industry in Context

  • Transportation and the Global Economy: The 20th Century

    • The internal combustion engine

    • Aircraft

    • The expansion of global trade since the 1970s

    • Transportation as an input to the production of almost everything

    • “Just-in-time” delivery systems and modern manufacturing

    • Realizing the potential of E-commerce


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The Transportation Industry in Context

  • Economic Problems of the Transportation Sector

    • The problem of public goods!

    • The problem of externalities!

    • Pervasive intervention

    • The need for well-schooled policy experts


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The Transportation Industry in Context

  • Transportation and Transportation Policy in the U.S. Economy: Railroads

    • The post-civil war railroad boom – and its principal sponsor: Uncle Sam

    • Competition and its critics

    • The rise of the Interstate Commerce Commission – and the twilight of competition in the U.S. railroad sector

    • Bankruptcy and deregulation in the late 20th Century


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The Transportation Industry in Context

  • Transportation and Transportation Policy in the U.S. Economy: Autos

    • The rise of the automobile, the bus, and the truck, 1890-1930

    • The extension of regulation to trucking

    • The public takeover of urban bus transportation

    • The highway bonanza

    • The oil crisis, the Japanese, and the last 10 years


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The Transportation Industry in Context

  • Transportation and Transportation Policy in the U.S. Economy: Airlines

    • Mail delivery

    • The Civil Aviation Board

    • Deregulation in the 1970s

    • The boom in air travel – and air freight!


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To do by Tuesday

  • Download lectures 1 and 2 from the course web site

  • Start the reading from Porter


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