Publication: Capital as a factor of production in OECD agriculture : measurement and data
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2008
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Taylor & Francis
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Abstract
This article provides a farm sector comparison of levels of capital input for
fourteen OECD countries for the period 1973 to 2002. The starting point
for construction of a measure of capital input is the measurement of capital
stock. Estimates of depreciable capital are derived by representing capital
stock at each point of time as a weighted sum of past investments. The
weights correspond to the relative efficiencies of capital goods of different
ages, so that the weighted components of capital stock have the same
efficiency. Estimates of the stock of land are derived from balance sheet
data. We convert estimates of capital stock into estimates of capital service
flows by means of capital rental prices. Comparisons of levels of capital
input among countries require data on relative prices of capital input. We
obtain relative price levels for capital input via relative investment goods
prices, taking into account the flow of capital input per unit of capital
stock in each country.
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Bibliographic citation
Applied Economics, 2008, v. 40, n. 10, pp. 1253-1277