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Excerpt from Railways and Agriculture, 1900-1910 In the railway industry so large an initial investment in fixed plant is required in order to operate at all, that for a considerable time after being opened for traffic the plant is likely not to be fully utilized, and hence additional applications of labor and equipment are rewarded by a more than proportionate increase in output. In other words, efficiency tends steadily to increase up to the time that the plant is completely utilized. No such large initial investment is required in agriculture, and the point is more quickly reached where there is even a less than proportionate reward for each new applica tion of capital and labor. That the point of diminishing return has been reached in the case of many railways is undoubtedly true. It is frequently asserted that the farmer suffers from the dis advantage that the quantity of land is fixed, and that he cannot increase it at will. This impression, only in part true, probably arises from the fact that the governmental policy of free land is practically at an end, and that if the farmer wants more land, he must, as does the railway when it extends its lines, invest more capital. There is still opportunity open to the farmer to extend his productive area. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Selected bulletins of the Bureau of Railway Economics.
Selected bulletins of the Bureau of Railway Economics.