His best known work is the 1948 textbook The Industrial Revolution (1760–1830), which put forth a positive view on the benefits of the era.

He donated money to provide the T. S. Ashton Prize, an annual award from the Economic History Society.

The prize is currently £750 and is awarded at every other annual conference to the author of the best article accepted for publication in the Economic History Review in the previous two calendar years.

Following a BBC Freedom of Information request in January 2012, it was revealed that Ashton turned down a knighthood in 1957.

His publications cover the economy of the 18th century and include the iron, steel and coal industries: