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/9780226633251.003.0002
- Subject:
- Economics and Finance, Economic History
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
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.
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.
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/9780226633251.003.0008
- Subject:
- Economics and Finance, Economic History
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
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.
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/9780226633251.003.0015
- Subject:
- Economics and Finance, Economic History
This chapter wraps up, providing brief summary thoughts about Gallman’s scholarship and the role of capital accumulation in economic growth.
This chapter wraps up, providing brief summary thoughts about Gallman’s scholarship and the role of capital accumulation in economic growth.
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/9780226633251.003.0007
- Subject:
- Economics and Finance, Economic History
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
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.
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/9780226633251.003.0014
- Subject:
- Economics and Finance, Economic History
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
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.
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/9780226633251.003.0012
- Subject:
- Economics and Finance, Economic History
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
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.
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/9780226633251.003.0010
- Subject:
- Economics and Finance, Economic History
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
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.
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/9780226633251.003.0011
- Subject:
- Economics and Finance, Economic History
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
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.
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/9780226633251.003.0013
- Subject:
- Economics and Finance, Economic History
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 ...
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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
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.
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/9780226633251.003.0009
- Subject:
- Economics and Finance, Economic History
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
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.