Robert E. Gallman and Paul W. Rhode
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226633114
- eISBN:
- 9780226633251
- Item type:
- book
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226633251.001.0001
- Subject:
- Economics and Finance, Economic History
A nation’s capital stock is widely recognized as a crucial determinant of the productivity of its workers and the standard of living of its citizens. Tracking the evolution of capital is therefore a ...
More
A nation’s capital stock is widely recognized as a crucial determinant of the productivity of its workers and the standard of living of its citizens. Tracking the evolution of capital is therefore a critical input to economic history. Economist Robert E. Gallman (1926–98) gathered extensive data on US capital stock and created a legacy that has, until now, been difficult for researchers to access and appraise in its entirety. Gallman measured American capital stock from a range of perspectives, viewing it as the accumulation of income saved and invested, and as an input into the production process. He used the level and change in the capital stock as proxy measures for long-run economic performance. Analyzing data in this way from the end of the US colonial period to the turn of the twentieth century, Gallman provided a firm empirical foundation for our knowledge of the long nineteenth century—the period during which the United States began to experience per capita income growth and became a global economic leader. Gallman’s research was painstaking and his analysis meticulous, but he did not publish the material supporting his findings during his lifetime. Here Paul W. Rhode completes this project, giving permanence to a great economist’s insights and craftsmanshipLess
A nation’s capital stock is widely recognized as a crucial determinant of the productivity of its workers and the standard of living of its citizens. Tracking the evolution of capital is therefore a critical input to economic history. Economist Robert E. Gallman (1926–98) gathered extensive data on US capital stock and created a legacy that has, until now, been difficult for researchers to access and appraise in its entirety. Gallman measured American capital stock from a range of perspectives, viewing it as the accumulation of income saved and invested, and as an input into the production process. He used the level and change in the capital stock as proxy measures for long-run economic performance. Analyzing data in this way from the end of the US colonial period to the turn of the twentieth century, Gallman provided a firm empirical foundation for our knowledge of the long nineteenth century—the period during which the United States began to experience per capita income growth and became a global economic leader. Gallman’s research was painstaking and his analysis meticulous, but he did not publish the material supporting his findings during his lifetime. Here Paul W. Rhode completes this project, giving permanence to a great economist’s insights and craftsmanship
Robert E. Gallman and Paul W. Rhode
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226633114
- eISBN:
- 9780226633251
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226633251.003.0003
- Subject:
- Economics and Finance, Economic History
This chapter describes and analyzes Gallman’s estimates of the value of the United States fixed capital stock (in current prices and in 1860 prices) at decade intervals, from 1840 to 1900. It ...
More
This chapter describes and analyzes Gallman’s estimates of the value of the United States fixed capital stock (in current prices and in 1860 prices) at decade intervals, from 1840 to 1900. It compares the Gallman’s estimates with other previous series. The chapter documents changes in the aggregate capital output ratio and investigates the roles of structural changes (sectoral shifts) and changes in capital-output ratio at the sectorial level. It also performs a growth accounting exercise.Less
This chapter describes and analyzes Gallman’s estimates of the value of the United States fixed capital stock (in current prices and in 1860 prices) at decade intervals, from 1840 to 1900. It compares the Gallman’s estimates with other previous series. The chapter documents changes in the aggregate capital output ratio and investigates the roles of structural changes (sectoral shifts) and changes in capital-output ratio at the sectorial level. It also performs a growth accounting exercise.
Robert E. Gallman and Paul W. Rhode
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226633114
- eISBN:
- 9780226633251
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226633251.003.0001
- Subject:
- Economics and Finance, Economic History
This chapter introduces Gallman’s capital stock project. It traces its origin and evolution. It relates several of Gallman’s key observations about the pace and pattern of US economic growth.in the ...
More
This chapter introduces Gallman’s capital stock project. It traces its origin and evolution. It relates several of Gallman’s key observations about the pace and pattern of US economic growth.in the nineteenth century.Less
This chapter introduces Gallman’s capital stock project. It traces its origin and evolution. It relates several of Gallman’s key observations about the pace and pattern of US economic growth.in the nineteenth century.
Robert E. Gallman and Paul W. Rhode
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226633114
- eISBN:
- 9780226633251
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226633251.003.0004
- Subject:
- Economics and Finance, Economic History
This chapter places Gallman’s estimates of the value of the United States fixed capital stock, from 1774 to 1840 into the large context. The chapter discusses using the changes in the capital stock ...
More
This chapter places Gallman’s estimates of the value of the United States fixed capital stock, from 1774 to 1840 into the large context. The chapter discusses using the changes in the capital stock as a proxy to measure of economic growth. The chapter documents the early importance of capital accumulation in structures and land improvement. It also performs a growth accounting exercise for the whole nineteenth century.Less
This chapter places Gallman’s estimates of the value of the United States fixed capital stock, from 1774 to 1840 into the large context. The chapter discusses using the changes in the capital stock as a proxy to measure of economic growth. The chapter documents the early importance of capital accumulation in structures and land improvement. It also performs a growth accounting exercise for the whole nineteenth century.
Robert E. Gallman, Paul W. Rhode, Robert E. Gallman, and Paul W. Rhode
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780226633114
- eISBN:
- 9780226633251
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226633251.003.0006
- Subject:
- Economics and Finance, Economic History
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 ...
More
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.Less
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.
