| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9923 |
| 来源ID | Working Paper 9923 |
| Capital Deepening in American Manufacturing, 1850-1880 | |
| Jeremy Atack; Fred Bateman; Robert A. Margo | |
| 发表日期 | 2003-08-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We use establishment-level data to study capital deepening -- increases in the capital-output ratio -- in American manufacturing from 1850 to 1880. In nominal terms, the aggregate capital-output ratio in our samples rose by 30 percent from 1850 to 1880. Growth in real terms was considerably greater -- 70 percent -- because prices of capital goods declined relative to output prices. Cross-sectional regressions suggest that capital deepening was especially importnat in the larger firms and was positively associated with the diffusion of steam-powered machinery. However, even after accounting for shifts over time in such factors, much of the capital deepening remains to be explained. Although capital deepening implies a fall in the average product of capital it does not necessarily imply that rates of return were declining. However, we find strong evidence that returns did decline. We also show that returns were decreasing in firm size, although the data are not sufficiently informative to tell us why it was so. |
| 主题 | History ; Other History |
| URL | https://www.nber.org/papers/w9923 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567538 |
| 推荐引用方式 GB/T 7714 | Jeremy Atack,Fred Bateman,Robert A. Margo. Capital Deepening in American Manufacturing, 1850-1880. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9923.pdf（330KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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