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Measuring Capital in the New Economy$
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Carol Corrado, John Haltiwanger, and Daniel Sichel

Print publication date: 2005

Print ISBN-13: 9780226116129

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226116174.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 04 August 2021

Measuring Capital and Technology: An Expanded Framework

Measuring Capital and Technology: An Expanded Framework

(p.11) 1 Measuring Capital and Technology: An Expanded Framework
Measuring Capital in the New Economy

Carol Corrado

Charles Hulten

Daniel Sichel

University of Chicago Press

This chapter provides guidance on what components of business spending should be included in measures of capital investment. It presents a model that defines capital investment as any outlay that is intended to increase future rather than current consumption should be treated as investment. This chapter explains that a significant portion of investment in traditional equipment and structures is excluded from the existing investment figures in U.S. national income and product accounts (NIPAs) and suggests that a move to recognize intangible capital might alter our understanding of the factors determining economic growth.

Keywords:   business spending, capital investment, U.S, NIPAs, intangible capital, economic growth

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