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Measuring the Productivity of Capital in United States Agriculture

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  • Gustafson, Cole R.

Abstract

The agricultural sector has operated in a period of high real interest rates for over half a decade. Some are concerned that this has limited capital availability and stagnated the historic capital for labor substitution occurring in the sector. This study proposes new procedures for estimating the aggregate production function of United States agriculture. Improvements include incorporation of total returns and revised measures of both durable and nondurable capital inputs. Results indicate increasing capital productivity has occurred, but encouraging further capital substitution may not benefit agricultural producers.

Suggested Citation

  • Gustafson, Cole R., 1986. "Measuring the Productivity of Capital in United States Agriculture," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 18(2), pages 187-196, December.
    • Handle: RePEc:cup:jagaec:v:18:y:1986:i:02:p:187-196_00
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    1. Zvi Griliches, 1998. "Productivity, R&D, and Basic Research at the Firm Level in the 1970s," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 82-99, National Bureau of Economic Research, Inc.
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    3. John P. Doll, 1974. "On Exact Multicollinearity and the Estimation of the Cobb-Douglas Production Function," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(3), pages 556-563.
    4. Hayami, Yujiro & Ruttan, Vernon W, 1970. "Agricultural Productivity Differences Among Countries," American Economic Review, American Economic Association, vol. 60(5), pages 895-911, December.
    5. Hoffman, George & Gustafson, Cole, 1983. "A New Approach to Estimating Agricultural Costs of Production," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 35(4), pages 1-6, October.
    6. Emanuel Melichar, 1979. "Capital Gains versus Current Income in the Farming Sector," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(5), pages 1085-1092.
    7. G. Edward Schuh, 1974. "The Exchange Rate and U. S. Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(1), pages 1-13.
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    Cited by:

    1. Konduru, Srinivasa & Bjornson, Bruce, 2004. "Changing Factor Income Shares in Agri-Food Industries," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 36(3), pages 1-16, December.

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