On October 27, 1904, the Interborough Rapid Transit Company opened the first subway in New York City. Running between City Hall and 145th Street at Broadway, the line was greeted with enthusiasm and, in some circles, trepidation. Created under the supervision of Chief Engineer S.L.F. Deyo, the arrival of the IRT foreshadowed the end of the "elevated" transit era on the island of Manhattan. The subway proved such a success that the IRT Co. soon achieved a monopoly on New York public transit. In 1940 the IRT and its rival the BMT were taken over by the City of New York. Today, the IRT subway lines still exist, primarily in Manhattan where they are operated as the "A Division" of the subway. Reprinted here is a special book created by the IRT, recounting the design and construction of the fledgling subway system. Originally created in 1904, it presents the IRT story with a flourish, and with numerous fascinating illustrations and rare photographs.

This is consistent with a substantial body of economic theory, albeit not conventional neoclassical economics, which frequently treats transit as a special case. This conflict is linked to faulty assumptions underlying neoclassical economic theory.