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A Note on the Measurement of Capital

Published online by Cambridge University Press:  07 November 2014

H. A. John Green
H. A. John Green*
Affiliation:
University of Toronto
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Abstract

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Type
Notes and Memoranda
Information
Canadian Journal of Economics and Political Science/Revue canadienne de economiques et science politique , Volume 28 , Issue 2 , May 1962 , pp. 281 - 282
Copyright
Copyright © Canadian Political Science Association 1962

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References

1 Robinson, Joan, “The Production Function and the Theory of Capital,” Review of Economic Studies, XXI, no. 2, 81–106 Google Scholar; Solow, R. M., “The Production Function and the Theory of Capital,” Review of Economic Studies, XXIII, no. 2, 101–8Google Scholar; Robinson, Joan, ”The Production Function and the Theory of Capital—A Reply,” Review of Economic Studies, XXIII, no. 3, 247.Google Scholar

2 Review of Economic Studies, XXIII, no. 3, 247.Google Scholar

3 Any number proportional to the value of the expression (4) will serve equally well.

4 It may reasonably be assumed that α ≦ 1, so tha t capital goods do not become more productive with age. If in addition the rate of interest is assumed positive, so that β < 1, it follows that αβ < 1. Then a piece of equipment with a yield of xr t in the current period has a capital value which is finite and equal to:

.

5 Swan, T. W., “Economic Growth and Capital Accumulation,” Economic Record, 11, 1956, 334–61, esp. 344.Google Scholar

6 Meade, J. E., A Neo-Classical Theory of Economic Growth (London, 1961).Google Scholar

7 Hirofumi Uzawa, “On a Two-Sector Model of Economic Growth,” and Solow, R. M., “Note on Uzawa's Two-Sector Model …,” Review of Economic Studies, XXIX, no. 1, 10, 1961, 40–7 and 48–50.CrossRefGoogle Scholar

8 Green, H. A. John, “Growth Models, Capital and Stability,” Economic Journal, 03, 1960, 57–73, esp. 61.Google Scholar