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Author: | Payson, S. |
Title: | The difficulty of measuring capital, revisited. Does science offer an alternative |
Journal: | Technological Forecasting and Social Change
1997 : OCT, VOL. 56:2, p. 131-154 |
Index terms: | CAPITAL MEASUREMENT SCIENTIFIC METHODS |
Language: | eng |
Abstract: | This paper investigates the difficulty that economists have in measuring capital. The paper proposes that physical capital can be partitioned into categories, within which unique physical units of measure could be applied. The units identified are energy consumption capacity of manufacturing equipment, the speed of calculations in information processing, the floor space and volume of structures, acres of utilized land, all other raw materials, weighted by economic value. The choice of physically meaninfull units is supported bu the results of various hedonic price studies on capital equipment. |
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