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.

中文翻译：

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工业革命期间水力价值的演变


这项工作衡量了美国工业革命期间水力发电价值的历史演变。我使用县级农业用地价格的变化和水力的自然禀赋来确定水力的价值。从 1850 年到 1920 年，这个价值被分解为直接价值（作为原动力的电力）和间接价值（吸引基础设施）;在 1900 年之前，大约 85%-90% 的总价值来自水力的直接影响。1900 年后，水力禀赋出现大幅贬值，到 1920 年价值大幅下降。