DOCSLIB.ORG

Fixed Capital Assets and Long-Term Investments

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Fixed Capital Assets and Long-Term Investments This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: The Pattern of Corporate Financial Structure: A Cross-Section View of Manufacturing, Mining, Trade, and Construction, 1937 Volume Author/Editor: Walter A. Chudson Volume Publisher: NBER Volume ISBN: 0-870-14135-X Volume URL: http://www.nber.org/books/chud45-1 Publication Date: 1945 Chapter Title: Fixed Capital Assets and Long-Term Investments Chapter Author: Walter A. Chudson Chapter URL: http://www.nber.org/chapters/c9214 Chapter pages in book: (p. 81 - 93) FIXED CAPITAL ASSETS AND LONG-TERM IN VESTMENTS FIXED CAPITAL ASSETS and long-term intercorporate investments both have characters somewhat different from the relatively short- term assets and liabilities discussed in previous chapters, since they represent past prices and revaluations to a considerably greater ex- tent, on the average, than the working capital components. This fact is particularly relevant to the analysis of ratios involving fixed OflS,ith capital assets. A comparison of fixed capital assets with either ¶bar& tp sales or total assets involves two valuations which are, to some extent, related to different periods of time and to different levels rg of prices. Each ratio, therefore, provides a measure of operating tgrc relationships which is less accurate than the ratios for the current items, although we must hasten to add that the latter ratios are areld not completely free of the same criticism, particularly in periods of rapidly changing prices. On the other hand, since long-term assets are not subject to seasonal fluctuations, ratios of these items to sales may express inter-industrial differences more signi- 6 and 41 ficantly than do the ratios for the current items. This is not neces- .Th sarily true of the ratios based on total assets, however, since industiis cyclical and seasonal fluctuations in the other balance-sheet com- Howcnr, ponents may affect the relative proportion of the long-term assets. dl2per. FIXED CAPITAL ASSETS sentcdb Industrial Variations Fixed capital assets of all nonfinancial corporations in the United States in 1937 constituted 56 percent of total assets. This figure reflects the heavy fixed capital investments of public utilities and railroads; the ratios for manufacturing and trade were 39 and 20 percent, respectively. The turnover of fixed capital for all non- financial concerns, measured in terms of sales, was 1.4 times per annum; for manufacturing and trade as a whole, it was 2.8 and 11.5 times per annum, respectively. The trade figure reflects pri- marily the turnover in retail trade; in wholesale trade, where fixed 81 S Pattern o/ FiflttncjaStructure capital assets are notso important, the turnoverwas about three times as rapid as in retail trade. Measured in terms ofcommodity production, the fixed assets of manufacturing and tradingcon- cerns, incorporated and unincorporated, were the equivalent ofsix months' Output.' For manufacturing,fixed capitalassets (at cur- rent valuations) exceeded inventory bya half; in retail trade, the value was almost equalto that of inventory; and in trade, fixed capital wholesale assets were about one-third the size ofinventory. A comparison of the ratio of fixed capital assets to salesarid the ratio to total assets revealsa high degree of similarity in the ings of the minor industrial rank. divisions for both incomeand deficit corporations__a condition that reflectsthe pronounced in fixed capital differences assets among industries (Chart 10and Table C-28 in Data Book). Furtherindication of the marked capital assets differences in among industries is found in the factthat the indus- trial rankings of the ratiosfor 1937 and 1931resemble each other closely and toa greater extent than in thecase of any other bal- ance-sheet account.2 Among the minor industrialdivisions differences in the capital ratios two fixed appear to be based largelyupon differences in tech- niques of production. Relatively high ratios(particularly sales base) on a are found in a number of industriesmaking predomi- nantly producers' goods, such as stone, clay, andglass products, railroad equipment, andvarious branches ofmetal products. At the other end of the scale are industriespredominantlyrepresenta- tive of consumers'goods, suchas clothing and apparel, packing house products, boots and shoes, musicalinstruments, precious metals, and tobacco. A formal test of theclassification according to producers' andconsumers' good3 for theratio of fixed capital to sales reveals that producers' goods industrieshave a significantly higher average (43 percent) than theconsumers' goods industries 1The fixed capital assets of unincorporated enterpriseswere estimated from Census data on sales in thesame manner as was inventory production were secured from in Chapter 2. Data on commodity merly of the Board of Unpublished estimates of Mr. GeorgeTerborgb, for- 2 Governors of the Federal A test of the SEC data for Reserve System. the ratio of fixed capitalto total assets reveals that industrial differencesamong major groups are statistically significant. The major industrial groups, however,are not a very satisfactory basis respect to fixed capital of classification with assets, Since the industrialvariation within these categories is considerable. For example,the food group includes low ratio of fixed capitalto sales, and sugar refining,packing houses, with avery metals likewise include with a high ratio. Textiles and minor industrialgroups with widely differing ratios. C.piiel Ass.ta aisd investment. Char:10RATIO OFFixsu CAPITAL ASSETS TTo'rAx.. ASSETS FOR IN- COMEAND DEFICIT GROUPS OF MINOR INDUSTRIAL DIVISIONS, 1937 Income Corporations Doficit Corporations (P.pent) (Pws.M) 5070605040 3020 10 0 102030 405000 7050 I I MinIng, n...c.t II' Anthracite Bituminous Oth.r mining Iron and stool OIl and gas Sawmill products Cotton goods Petroleum Metal mining ffc Ston., clay, ste. Bakery products Locomotives, etc. !eC.28 Silk and rayon Paper Cflcc,in Chemicals proper Oth.r rubber products he indtii. Liquors Ben., cwiIuIoId, etc. ach óthe. Shipbuilding Knit goods Carpets bat. Other metals Fertilleers Sugar rsllnlng Other wood products two Woolens Other food Metal building materials itech. Airplanes Hardware tlyon a T.xtilss, n...c.t Motor vehicles Other construction Mill products Packing houa. products Canned products Paints uctLAt Soft drinki Factory machinery pr Miscilan.ous machInery AIll.d chemicals Musical instruments Oflic. equipment Printing and publishing predota Radios Retail trod. tccording All other trade Electrical niachin.ry dcapital Agricultural machinery Precious metals Wisi, and ret. trade "fl-I Household machinery Other i.athsr products Shom Construction Tires and tubes Clothing Wholesale trade Tobacco bo Commission merchants II I I I I I I I I 1 807060504030 20 10 0 10203040 50607060 TheMlii' Based on data from Source Rook of Statistics of income for 1937. For composite ids wik of income and deficit corporations, see Data Book (National Bureau of Economic Research) Table C-28. rj aid, fNot elsewhere classified. a 84 Pattern of Financial Structure (30 percent). This difference may reflect a greater degree ofver- tical integration as well as a greater use of heavy, elaborate, and more expensive machinery among concerns in the producers' goods classification. Industrial differences in fixed capital assets are associatedto some extent with differences in the average asset size of corpora. tions, the capital assets being relatively greater among industries that include corporations of large average size. The relationship is stronger for the fixed capital/sales ratio than for the fixed capital/total assets ratio, possibly because of a greater tendency toward vertical integration among the large corporations. Industrial differences in profitability are not strongly relatedto industrial differences in the fixed capital ratios. Themore profit. able groups show a slight tendency toward having low ratiosof fixed capital assets to sales, but no significant rank correlationis evident for the ratio of fixed capital to total assets. Such results are to be expected: A high turnover of fixed capital would be symptomatic of a relatively high level of profitability, other things being equal; on the other hand, there is littlereason why profitable industries, compared with unprofitablegroups, should have rela- tively smaller or larger investments in fixed than incurrent assets, despite the fact that they can afford larger investments in improved machinery and equipment. Thereason for this is that the profitable industries also have larger investments in cash andmarketable securities as well as in inventories and receivables, with theresult that there is little difference between the fixedcapital/total assets ratio among industries of varying profitability. Variations with Corporate Size A popular assumption has been that the largerthe size of corpora- tions the greater their abilityto take advantage of more efficient techniques calling for large fixed capitalinvestments. Do the data on fixed capital assets support this assumption? When compared with sales, the fixedcapital assets of most major industrial groups increase with size sharplyand, on the whole, consistently (Chart 11).Comparisons of the ratios for income and deficit corporations ofthe same industry for thesame year, and of those for 1937 and 1931, reveala high degree of similarity. Superficially, thisstrong positive variation of the fixed Chart11RATIO OF FIXED CAPITALAssrsTO
Load more

Recommended publications
  • Chapter 9 Gross Fixed Capital Formation
    Gross fixed capital formation Chapter 9 Gross fixed capital formation Introduction 9.1 In the Income and Expenditure Accounts (IEA), gross fixed capital formation is divided into three principal types of investment expenditure: • residential structures; • non-residential structures; and • machinery and equipment. 9.2 Estimates of each type of investment are produced for the business1 and government sectors in the IEA. The discussion in this chapter is structured around these three major categories of gross fixed capital formation. 9.3 Fixed investment expenditure is a significant part of aggregate demand. This activity is tied to economic growth through its impact on the productive stock of capital, to social welfare in relation to government infrastructure, and to business cycles in terms of the volatility of its components. Concepts and definitions 9.4 Defining capital and capital expenditure is increasingly challenging, given the changing nature of production. Recently, the investment boundary has shifted, resulting in the re-classification of certain types of current expenditure to capital expenditure (e.g., software). In the simplest terms, any expenditure that gives rise to an asset could be considered investment; or, spending on an item whose expected life equals or exceeds one year could be considered investment. However, investment spending must be linked to future use in production.2 9.5 Fixed capital covers tangible or intangible assets which are produced as outputs from production processes and which are themselves used repeatedly or continuously in other production processes for more than one year. Fixed assets exclude, by definition, certain non-produced intangible assets, such as non-cultivated biological resources (e.g., virgin forests).3 9.6 Generally speaking, capital formation refers to additions to the stock of the nation’s non-financial assets resulting from investment activities.
    [Show full text]
  • Capital Expenditures and Gross Fixed Capital Formation in Nigeria
    CORE Metadata, citation and similar papers at core.ac.uk Provided by International Institute for Science, Technology and Education (IISTE): E-Journals Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.6, No.12, 2015 Capital Expenditures and Gross Fixed Capital Formation in Nigeria *Kanu, Success Ikechi Ph.D and Nwaimo, Chilaka Emmanuel Ph.D Department of Management technology (FMT), Federal university of technology, Owerri (FUTO) P.M.B 1526, Owerri,, Imo State, Nigeria. Abstract This paper explores the relationship between capital expenditures and gross fixed capital formation in Nigeria. The study made use of secondary data covering the period 1981 to 2011. A least square regression analysis was carried out on a time series data, and to avert the emergence of spurious results, unit root tests were conducted. Other econometric tools of co- integration, Vector Auto Regression technique as well as Granger causality tests were deployed to ascertain the order of co integration and the level of relationships existing between the dependent and independent variables. Findings of study reveal that while Capital Expenditures (CAPEX) maintained a negative significant relationship with Gross Fixed Capital Formation (GFCF) in Nigeria at both 1% and 5% Alpha levels; Imports and National Savings had a positive significant relationship with GFCF at both the short and long runs. It was equally observed that the lagged value of GFCF had no significant impact on GFCF in the preceding year. Outcome of study did not come as a surprise, seeing that a functional classification of Nigeria’s expenditure profile for the period under review reveals that; outlays on capital expenditure accounted for only about 32% of total expenditures, while the remaining balance of 68 % went to recurrent expenditures.
    [Show full text]
  • Constant and Variable Capital
    1598 constant and variable capital constant and variable capital Macmillan. Palgrave 1 Definition In Das Kapital Marx defined Constant Capital as that part of capital advanced in the means of Licensee: production; he defined Variable Capital as the part of capital advanced in wages (Marx, 1867, Vol. I, ch. 6). These definitions come from his concept of Value: he defined the value of permission. commodities as the amount of labour directly and indirectly necessary to produce commodities without (Vol. I, ch. 1). In other words, the value of commodities is the sum of C and N, where C is the value of the means of production necessary to produce them and N is the amount of labour used distribute that is directly necessary to produce them. The value of the capital advanced in the means of or production is equal to C. copy However, the value of the capital advanced in wages is obviously not equal to N, because it not may is the value of the commodities which labourers can buy with their wages, and has no direct You relationship with the amount of labour which they actually expend. Therefore, while the value of the part of capital that is advanced in the means of production is transferred to the value of the products without quantitative change, the value of the capital advanced in wages undergoes quantitative change in the process of transfer to the value of the products. This is the reason why Marx proposed the definitions of constant capital C and variable capital V. The definition of constant capital and variable capital must not be confused with the definition of fixed capital and liquid capital.
    [Show full text]
  • Money Supply, Inflation and Capital Accumulation in Nigeria
    Journal of Economics and Sustainable Development www.iiste.org ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.4, No.4, 2013 Money Supply, Inflation and Capital Accumulation in Nigeria Dayo Benedict Olanipekun 1* Kemi Funlayo Akeju 1,2 1 Department of Economics, University of Ibadan, Ibadan, Oyo State, Nigeria. 2 Department of Economics, Ekiti State University, Ado Ekiti, Ekiti State, Nigeria. *e-mail: [email protected] Abstract This study examines the relationship between money supply, inflation and capital accumulation in Nigeria between 1970 and 2010. The study investigated the long run relationship of the variables using Johasen cointegration test. As a follow up to this, Error Correction Model was conducted on the variables to capture their short run disequilibrium behavior. Cointegration test reveals that variables employed in the study share long run relationship. The result of the Error Correction Model indicates that money supply (both broad and narrow) has a positive relationship to capital accumulation in Nigeria. It implies that government should direct finances on investment in other to stimulate economic growth in the country. Also the intention of government on inflation targeting should not neglect the contribution of money growth to capital accumulation. Keywords: Money growth, Inflation, Capital accumulation, Cointegration test, Error Correction Model and Stability test. 1. Introduction Money supply exerts considerable influence on economic activities in both developing and developed countries. The relationships between money growth, inflation and capital accumulation are core issues in developing counties due to the need to achieve a sustainable economic growth and development. Achieving a very low inflation rate has been the primary goal of monetary policy makers in many developing countries including Nigeria but most of the government policies to generate low inflation end up accelerating it.
    [Show full text]
  • Capital Stocks and Fixed Capital Consumption QMI
    Capital stocks and fixed capital consumption QMI Quality and methodology information for the annual estimates of the value and types of non-financial assets used in the production of goods or services within the UK economy and their loss in value over time. Contact: Release date: Next release: 2 January 2018 To be announced [email protected] +44 (0)845 6041858 Table of contents 1. Methodology background 2. Important points about capital stocks data 3. Overview of the output 4. About the output 5. How the output is created 6. Glossary of terms 7. Data sources 8. Other information 9. Sources for further information or advice 10. Useful links Page 1 of 11 1 . Methodology background National Statistic Survey name Business Investment Frequency Annual How compiled Perpetual Inventory Method (PIM) Geographic coverage United Kingdom Last revised 2 January 2018 2 . Important points about capital stocks data There are three measures of capital stocks: gross, net and capital consumption; these measure replacement value, current value and depreciation. Data come from a combination of sources including surveys such as the Annual Business Survey and Trade in Services and administrative data such as government expenditure (including central and local government). Data are available from 1995 onwards and are Blue Book-consistent. Results are published annually around 4 to 5 weeks after Blue Book. 3 . Overview of the output Outputs are estimated using the Organisation for Economic Co-operation and Development (OECD) (PDF, 2.11 MB) definitions of the main measures of capital stocks and capital consumption and are published around 8 to 10 months after the end of the reference year, in the annual publication of UK National Accounts: the Blue Book.
    [Show full text]
  • Evidence on the Dynamic Relationship Between Stock Market All Share Index and Gross Fixed Capital Formation in Nigeria
    IOSR Journal of Business and Management (IOSR-JBM) e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 17, Issue 1.Ver. I (Jan. 2015), PP 85-94 www.iosrjournals.org Evidence on the Dynamic Relationship between Stock Market All Share Index and Gross Fixed Capital Formation in Nigeria Okwuchukwu Odili, PHD1; Ugwu Paul Ede2 Department of Banking and Finance, College of Management Sciences, Michael Okpara University of Agriculture Umudike, P.M.B. 7267, Umuahia, Abia State, Nigeria. Department of Banking and Finance,College of Management Sciences, Michael Okpara University of Agriculture Umudike, P.M.B. 7267, Umuahia, Abia State, Nigeria. Abstract: This study examines the dynamic relationship between Stock Market All Share Index and Gross Fixed Capital Formation in Nigeria. Annual data on market capitalization, value of shares traded, all share index, average prime lending rate, inflation rate, national savings and gross fixed capital formation at current purchaser’s value from 1980 to 2012 were sourced from the statistical bulletin of the Central Bank of Nigeria and the Nigerian Stock Exchange Fact Book various issues. The ordinary least square (OLS) regression technique was employed in the data analysis and the error correction mechanism (ECM) was used to study the short-run dynamics as well as long-run relationship between the stock market and gross fixed capital formation in Nigeria. The result revealed that all share index of the Nigerian stock market has significant effect on gross fixed capital formation. It further shows that though the capital market has the potential of influencing gross fixed capital formation its’ effect has not been fully realized due to illiquidity and low level of development of the Nigerian capital market.
    [Show full text]
  • The Appropriation of Fixed Capital: a Metaphor? 2019
    Repositorium für die Medienwissenschaft Antonio Negri The Appropriation of Fixed Capital: A Metaphor? 2019 https://doi.org/10.25969/mediarep/11944 Veröffentlichungsversion / published version Sammelbandbeitrag / collection article Empfohlene Zitierung / Suggested Citation: Negri, Antonio: The Appropriation of Fixed Capital: A Metaphor?. In: Dave Chandler, Christian Fuchs (Hg.): Digital Objects, Digital Subjects: Interdisciplinary Perspectives on Capitalism, Labour and Politics in the Age of Big Data. London: University of Westminster Press 2019, S. 205–214. DOI: https://doi.org/10.25969/mediarep/11944. Erstmalig hier erschienen / Initial publication here: https://doi.org/10.16997/book29.r Nutzungsbedingungen: Terms of use: Dieser Text wird unter einer Creative Commons - This document is made available under a creative commons - Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 Attribution - Non Commercial - No Derivatives 4.0 License. For Lizenz zur Verfügung gestellt. Nähere Auskünfte zu dieser Lizenz more information see: finden Sie hier: https://creativecommons.org/licenses/by-nc-nd/4.0 https://creativecommons.org/licenses/by-nc-nd/4.0 CHAPTER 18 The Appropriation of Fixed Capital : A Metaphor? Antonio Negri Translated from Italian by Michele Ledda with editorial support by David Chandler, Christian Fuchs and Sara Raimondi. 1. Labour in the Age of the Digital Machine In the debate over the impact of the digital on society, we are presented with the serious hypothesis that the worker, the producer, is transformed by the use of the digital machine, since we have recognised that digital technologies have profoundly modified the mode of production, as well as ways of knowing and communicating. The discussion of the psycho-political consequences of digital machines is so broad that it is just worth remembering it even though the re- sults obtained by this research are highly problematic.
    [Show full text]
  • Urban Crisis and the Antivalue in David Harvey
    Mercator - Revista de Geografia da UFC ISSN: 1984-2201 [email protected] Universidade Federal do Ceará Brasil URBAN CRISIS AND THE ANTIVALUE IN DAVID HARVEY Moraes Valença, Márcio URBAN CRISIS AND THE ANTIVALUE IN DAVID HARVEY Mercator - Revista de Geografia da UFC, vol. 19, no. 3, 2020 Universidade Federal do Ceará, Brasil Available in: https://www.redalyc.org/articulo.oa?id=273664287011 DOI: https://doi.org/10.4215/rm2020.e19031 PDF generated from XML JATS4R by Redalyc Project academic non-profit, developed under the open access initiative Márcio Moraes Valença. URBAN CRISIS AND THE ANTIVALUE IN DAVID HARVEY Artigos URBAN CRISIS AND THE ANTIVALUE IN DAVID HARVEY CRISE URBANA E O ANTIVALOR EM DAVID HARVEY CRISE URBAINE ET L’ANTIVALEUR CHEZ DAVID HARVEY Márcio Moraes Valença DOI: https://doi.org/10.4215/rm2020.e19031 Professor at the Federal University of Rio Grande do Norte Redalyc: https://www.redalyc.org/articulo.oa? (UFRN), Brasil id=273664287011 [email protected] Received: 09 October 2020 Accepted: 12 October 2020 Abstract: is text discusses the relation between the urban crisis today and the anti-value in respect to the conceptual framework set by David Harvey. e world today, which is increasingly urban, is dominated by the Empire of anti-value, especially in the form of a growing debt. e anti-value, in the form of capital holder of interest, plays a crucial role in the accumulation of capital, articulating production, circulation and realization of commodities, promoting and facilitating the geographical movement of capital and the transfer of capital between economic circuits and cycles of production.
    [Show full text]
  • Land As a Distinctive Factor of Production Mason Gaffney
    Land as a Distinctive Factor of Production Mason Gaffney e classical economists treated land as distinct from capital: "land, labour and capital" were the three basic "factors of production". They were mutually exclusive. They were comprehensive, including all economic agents. Each was also "limitational," meaning at least some of each was needed for all economic activity (v. A- 9, below)" They made a coherent system. Neo-classical economists denied the distinction and undertook to purge land from economese. Many of them, following John B. Clark and Frank Knight, still deny the distinction as I explain in The Corruption of Economics, a companion volume in this series. Many treat the matter by seizing on and stressing all similarities of land and capital, while ignoring all differences. Some invent gray areas that seem to fuse land and capital, present them as typical, and quickly move on. Many more simply ignore land, which has the effect of accepting the Clark-Knight verdict in practice. Others uneasily finesse and blur the issue by writing "land" in quotes, or trivializing its value, or referring vaguely to "quasi-rents" to comprehend a broad spectrum of incomes both from land and other factors. Whatever possessed the neo-classicals to leave such a mess? One needs to know something of their times and politics. J.B. Clark and E.R.A. Seligman of Columbia University were obsessed with deflecting proposals, strongly supported at the time and place they wrote, to focus taxation on land. Henry George, after all, was nearly elected Mayor of New York City in 1886 and 1897.
    [Show full text]
  • Dynamics of Fixed Capital Productivity and the Macroeconomic Equilibrium
    Dynamics of Fixed Capital Productivity DYNAMICS OF FIXED CAPITAL PRODUCTIVITY AND THE 10. MACROECONOMIC EQUILIBRIUM Florin PAVELESCU1 Abstract This paper shows that dynamics of fixed capital productivity at macroeconomic level is related to changes in the indicators and relationships which are fundamental to the economic stability (index of gross fixed capital formation, consumption-fixed capital accumulation relationship, and external equilibrium). In this context, a model of factorial analysis of the dynamics of fixed capital productivity is proposed. Therefore, the impact of pressure of domestic aggregate demand and external equilibrium on the evolution of fixed capital productivity during a period of time should be emphasized. The respective model is applied to the case of Romania. At the end of the paper, having in view Romania’s experience during two decades (1990-2010), arguments are presented to reinforce the thesis of R. Solow stating that a condition for a long run balanced economic growth is that fixed capital productivity should be constant. Keywords: relative acceleration of gross fixed capital formation, demand pressure, balanced economic growth, external equilibrium JEL Classification: C13, C20, C51, C52 1. Introduction One of the major conditions for a durable economic growth is the increase in the partial and total production factor productivity. Neo-classical theory considers the dynamics of total factor productivity as a proxy for the rate of technical progress. But in the case of each production factor, the dynamics of partial productivity is conditioned not only by the features of the economic situation, but also by the role played by the respective factor in the economic activity and by the way it is formed (created) and allocated.
    [Show full text]
  • Measuring Capital -- OECD Manual
    « STATISTICS ON E LIN BL E A IL A V A E www.SourceOECD.org N G I D L I N SP E ONIBLE Measuring Capital OECD Manual MEASUREMENT OF CAPITAL STOCKS, CONSUMPTION OF FIXED CAPITAL AND CAPITAL SERVICES © OECD, 2001. © Software: 1987-1996, Acrobat is a trademark of ADOBE. All rights reserved. OECD grants you the right to use one copy of this Program for your personal use only. Unauthorised reproduction, lending, hiring, transmission or distribution of any data or software is prohibited. You must treat the Program and associated materials and any elements thereof like any other copyrighted material. All requests should be made to: Head of Publications Service, OECD Publications Service, 2, rue André-Pascal, 75775 Paris Cedex 16, France. « STATISTICS Measuring Capital OECD Manual MEASUREMENT OF CAPITAL STOCKS, CONSUMPTION OF FIXED CAPITAL AND CAPITAL SERVICES 2001 ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Co-operation and Development (OECD) shall promote policies designed: – to achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus to contribute to the development of the world economy; – to contribute to sound economic expansion in Member as well as non-member countries in the process of economic development; and – to contribute to the expansion of world trade on a multilateral, non-discriminatory basis in accordance with international obligations. The original Member countries of the OECD are Austria, Belgium, Canada, Denmark, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States.
    [Show full text]
  • China's Allocation of Fixed Capital Investment, 1952-1957
    THE UNIVERSITY OF MICHIGAN CENTER FOR CHINESE STUDIES MICHIGAN PAPERS IN CHINESE STUDIES NO. 17 CHINA'S ALLOCATION OF FIXED CAPITAL INVESTMENT, 1952-1957 By Chu-yuan Qheng Professor of Economics Ball State University,, Indiana Ann Arbor Center for Chinese Studies The University of Michigan 1974 Open access edition funded by the National Endowment for the Humanities/ Andrew W. Mellon Foundation Humanities Open Book Program. Copyright @ 1974 by Center for Chinese Studies The University of Michigan Printed in the United States of America ISBN 978-0-89264-017-1 (paper) ISBN 978-0-472-12822-8 (ebook) ISBN 978-0-472-90222-4 (open access) The text of this book is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License: https://creativecommons.org/licenses/by-nc-nd/4.0/ ACKNOWLEDGMENTS Much of the basic research and writing of this monograph was completed while I was a Senior Research Economist at the Center for Chinese Studies at The University of Michigan. As is generally the case, this paper could not have appeared in its present form without the aid of many friends and colleagues. Particularly, I must single out the unstinting efforts of Professor Albert Feuerwerker in provid- ing the inspiration as well as arranging the myriad of details neces- sary for publication. I would be immodest indeed if I failed to men- tion my indebtedness to Professor Alexander Eckstein whose critical acumen saved the author from many a pitfall. Errors of omission and commission, however, are solely my responsibility. I would also like to thank my colleagues at Ball State Univer- sity who provided me with the constant encouragement and a lightened teaching load that enabled me to revise and update my initial work.
    [Show full text]