Creative Destruction
Barriers to Urban Growth and the Great Boston Fire of 1872
Bibliographic Data
| ID | 23317697 |
|---|---|
| Authors | Richard Hornbeck (Professor of Economics and Neubauer Family Faculty Fellow, University of Chicago Booth School of Business, 5807 South Woodlawn Avenue, Chicago, IL 60637, and NBER (e-mail: )), Daniel Keniston (Yale University) |
| Year | 2017 |
| Volume | 107 |
| Issue | 6 |
| Pages | 1365-1398 |
| Publication date | 2017-06-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | American Economic Review (JOURNAL) |
| Journal identifiers | ISSN: 0002-8282 • E-ISSN: 1944-7981 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/aer.20141707 |
| OpenAlex | W2095656611 |
| Language | EN |
| Citations received | 55 |
| References cited | 32 |
Urban growth requires the replacement of outdated buildings, yet growth may be restricted when landowners do not internalize positive spillover effects from their own reconstruction. The Boston Fire of 1872 created an opportunity for widespread simultaneous reconstruction, initiating a virtuous circle in which building upgrades encouraged further upgrades of nearby buildings. Land values increased substantially among burned plots and nearby unburned plots, capitalizing economic gains comparable to the prior value of burned buildings. Boston had grown rapidly prior to the Fire, but negative spillovers from outdated durable buildings had substantially constrained its growth by dampening reconstruction incentives. (JEL H76, N91, R11, R52, R58)
Civil engineering · Economics · Fire protection · Incentive · Land use · Land value · land values · Market economy · Microeconomics · Natural resource economics · Spillover effect · Value (mathematics) · Virtuous circle and vicious circle · Economic and Environmental Valuation · Engineering · Housing Market and Economics · Urban, Neighborhood, and Segregation Studies
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| Unique citing works | 55 |
|---|---|
| Citations per year | 5 |
| Citation span | 2015 - 2026 (12) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 52 |