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Capital in the Nineteenth Century$
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Robert E. Gallman and Paul W. Rhode

Print publication date: 2020

Print ISBN-13: 9780226633114

Published to Chicago Scholarship Online: September 2020

DOI: 10.7208/chicago/9780226633251.001.0001

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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: 02 August 2021

Investment Flows and Capital Stocks

Investment Flows and Capital Stocks

(p.132) Chapter Six Investment Flows and Capital Stocks
Capital in the Nineteenth Century

Robert E. Gallman

Paul W. Rhode

Robert E. Gallman

Paul W. Rhode

University of Chicago Press

This chapter compares the two ways to estimate the value of the capital stock: by cumulating investment flows, following the perpetual inventory procedures developed by Raymond Goldsmith (1955); or by taking a census of the existing stock, enumerating each element and placing a value on it. The two approaches show yield the same estimates in principle, but do not do so in practice. This chapter investigates why and documents how closely the two types of estimates correspond. The chapter shows the series display similar changes over the long run but not decade-by-decade.

Keywords:   Capital Stock, Capital Formation, Perpetual Inventory, Depreciation, Structures

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