Citation

Gwilliam K. Res. Transp. Econ. 2008; 23(1): 4-22.

Copyright

(Copyright © 2008, Elsevier Publishing)

DOI

10.1016/j.retrec.2008.10.002

PMID

unavailable

Abstract

This paper reviews the development of thought on the major issues in transit economics over the last 50 years, in developed and developing countries. Some issues - the analysis of cost and demand parameters - are perennial, with development mostly in the mathematical sophistication of analytical techniques employed, while others - such as issues of ownership and competitive form - reflect wider trends in economic thinking. Some issues - such as the relationship between transit and development - are universal, while others - such as the role of small vehicles and the informal sector - impact mostly on developing countries. One conclusion stands out. Transit is critical to the achievement of a wide range of social, economic and environmental objectives and, therefore, needs appropriate institutions to ensure its integration with the strategic management of the rest of urban development policy.