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The United States Capital Stock, 1840–1900

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

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

Gallman’s Core Capital Stock Data

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

The chapter presents Gallman’s core data on the capital stock from 1774 to 1900. The data include the current-price series, the constant-price (in 1860 dollars) series, and the implicit price ... More

The chapter presents Gallman’s core data on the capital stock from 1774 to 1900. The data include the current-price series, the constant-price (in 1860 dollars) series, and the implicit price deflators that link the two capital stock series. The chapter provides the break-down of the capital stock by economic sector and by type (structures, equipment, inventories). The chapter describes the path of capital accumulation.Less

Capital and American Economic Growth, 1774–1980

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

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

Investment Flows and Capital Stocks

Robert E. Gallman, Paul W. Rhode, Robert E. Gallman, and Paul W. Rhode

in Capital in the Nineteenth Century

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

Mining and Manufacturing

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

This chapter focuses on Mining and Manufacturing, detailing Gallman’s estimation of the current-price and constant-price (1860) values of the capital stock on a decadal basis from 1840 to 1900. It ... More

This chapter focuses on Mining and Manufacturing, detailing Gallman’s estimation of the current-price and constant-price (1860) values of the capital stock on a decadal basis from 1840 to 1900. It provides evidence that the census estimates reflected current replacement values (net reproduction costs), rather than underpreciated book values as scholars working before Gallman had asserted.Less

Wrapping Up

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

This chapter wraps up, providing brief summary thoughts about Gallman’s scholarship and the role of capital accumulation in economic growth.

Agriculture

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

This chapter focuses on Agriculture, detailing Gallman’s estimation of the current-price and constant-price (1860) values of the capital stock on a decadal basis from 1840 to 1900. It includes ... More

This chapter focuses on Agriculture, detailing Gallman’s estimation of the current-price and constant-price (1860) values of the capital stock on a decadal basis from 1840 to 1900. It includes Buildings, Equipment, Animal Inventories, and Land Improvements. The chapters highlights the importance on land clearing activities in the growth of the US capital stock over the nineteenth century.Less

Wealth in the Colonial and Early National Periods

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

The chapter documents Gallman’s procedures to estimate the US capital stock and wealth levels over the colonial and early national periods. It compares his estimates and procedures to those of ... More

The chapter documents Gallman’s procedures to estimate the US capital stock and wealth levels over the colonial and early national periods. It compares his estimates and procedures to those of earlier scholars. It links his series for the pre-1840 period to his census-based estimates for the period from 1840 on.Less

Inventories

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

This chapter details Gallman’s estimates for inventory holdings of physical goods and of monetary metals (and changes in related claims on foreigners). It combines places the aggregate inventory data ... More

This chapter details Gallman’s estimates for inventory holdings of physical goods and of monetary metals (and changes in related claims on foreigners). It combines places the aggregate inventory data and its components into a more general context.Less

Transportation

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

This chapter details Gallman’s estimation of the current value and constant (1860) value capital stock on a decadal basis from 1840 to 1900 for the Transportation sector. It covers, in turn, ... More

This chapter details Gallman’s estimation of the current value and constant (1860) value capital stock on a decadal basis from 1840 to 1900 for the Transportation sector. It covers, in turn, Shipping, Canals and River Improvements, Steam Railroads, Street Railroads, Pullman and Express Cars, and Pipelines.Less

Communication and Electric Utilities

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

This chapter details Gallman’s estimation of the current value and constant (1860) value capital stock on a decadal basis from 1840 to 1900 for Communication and Electric Utilities. These include ... More

This chapter details Gallman’s estimation of the current value and constant (1860) value capital stock on a decadal basis from 1840 to 1900 for Communication and Electric Utilities. These include Telegraphs, Telephones, and Electric Light and Power. These estimates involve the use of perpetual inventory methods and confront the problems of dealing with new goods.Less

Consumer Durables

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

This chapter opened a window into Gallman’s stock data on consumer durables. It has offered his arguments regarding the quantitative and qualitative importance of these goods in the “long” nineteenth ... More

This chapter opened a window into Gallman’s stock data on consumer durables. It has offered his arguments regarding the quantitative and qualitative importance of these goods in the “long” nineteenth century, before the “Consumer Durables Revolution” of the early twentieth century. It uses the development and diffusion of cast iron stoves, one of Gallman’s favourite examples, to illustration the importance of this form of consumer-based form investment.Less

Nonfarm Real Estate and Tradee

Robert E. Gallman and Paul W. Rhode

in Capital in the Nineteenth Century

This chapter details Gallman’s estimation of the current value and constant (1860) value capital stock on a decadal basis from 1840 to 1900 for Non‑Farm Residential and Trade Real Estate and ... More

This chapter details Gallman’s estimation of the current value and constant (1860) value capital stock on a decadal basis from 1840 to 1900 for Non‑Farm Residential and Trade Real Estate and Equipment. It also provides estimates for Churches and Schools, and Government Buildings.Less