Some aspects of economic growth : a study of some problems in the measurement and analysis of the capital stock

Abstract

This thesis attempts to explain some of the problems in the statistical measurement and handling of capital stock estimates. We are led into a discussion of some aspects of replacement and technical progress. The reason for the inquiry is clear. With the proliferation of writings on growth theory in recent years and, in particular, the questioning of the role of capital, one is struck by the ease with which the concept is used and the statistical measures estimated. Al;though there are important concepts which defy quantification, this is not the case with capital; if anything the mass of conflicting material and the variety of results arouses suspicion, Admittedly there are handicaps in the way of a statistical presentation of any concept by an examination of the plethora of work on capital does suggest some gaps in the theoretical and empirical framework and the links between them. (First paragraph of preface).