The IRT, a precursor of the NYC subway system, cost $34.7m in 1900, for 22 miles of track, or about $30 M/km in present-day dollars, which is better than anywhere in the world today including the poorest countries.
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Alon Levy estimates an average of $30-50 M/km for subway construction in the early 20th century.https://pedestrianobservations.com/2018/07/31/the-role-of-local-expertise-in-construction-costs/ …
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Got it. Makes sense. Does it mean new agencies exist to price externalities that weren’t priced in 100 years ago?
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@cryptoecongames a question to you too since you’re looking into transaction costs - 7 more replies
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