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Capital-Goods Prices And Investment, 1870 1950

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  • Collins, William J.
  • Williamson, Jeffrey G.

Abstract

The relative price of capital goods, an important component of the user cost of capital, has rarely been incorporated into comparative studies of long-run capital accumulation. This article constructs and explores a data set for capital-goods and equipment prices covering the 1870 1950 period for 11 OECD countries. We document substantial differences across countries in the relative prices of capital goods, but also find convergence in those prices over time. Finally, we show that relative capital-goods prices are strongly negatively correlated with investment rates.

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Bibliographic Info

Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 61 (2001)
Issue (Month): 01 (March)
Pages: 59-94

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Handle: RePEc:cup:jechis:v:61:y:2001:i:01:p:59-94_02

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Cited by:
  1. Chang-Tai Hsieh & Peter J. Klenow, 2003. "Relative Prices and Relative Prosperity," NBER Working Papers 9701, National Bureau of Economic Research, Inc.
  2. Michael D. Bordo, 2007. "Growing Up to Financial Stability," NBER Working Papers 12993, National Bureau of Economic Research, Inc.
  3. Ian W. McLean & Alan M. Taylor, 2001. "Australian Growth: A California Perspective," NBER Working Papers 8408, National Bureau of Economic Research, Inc.
  4. Stojkov, Aleksandar & Zalduendo, Juan, 2011. "Europe as a convergence engine -- heterogeneity and investment opportunities in emerging Europe," Policy Research Working Paper Series 5837, The World Bank.
  5. Turner, Chad & Tamura, Robert & Schoellman, Todd & Mulholland, Sean, 2011. "Estimating Physical Capital and Land for States and Sectors of the United States, 1850-2000," MPRA Paper 32847, University Library of Munich, Germany.
  6. Pol Antràs & Hans Joachim Voth, 2000. "Factor prices and productivity growth during the British Industrial Revolution," Economics Working Papers 495, Department of Economics and Business, Universitat Pompeu Fabra.
  7. Chad Turner & Robert Tamura & Sean Mulholland, 2013. "How important are human capital, physical capital and total factor productivity for determining state economic growth in the United States, 1840–2000?," Journal of Economic Growth, Springer, vol. 18(4), pages 319-371, December.
  8. Williamson, Jeffrey G, 2011. "Industrial Catching Up in the Poor Periphery 1870-1975," CEPR Discussion Papers 8335, C.E.P.R. Discussion Papers.
  9. Maito, Esteban Ezequiel, 2014. "The historical transience of capital: the downward trend in the rate of profit since XIX century," MPRA Paper 55894, University Library of Munich, Germany.
  10. Leandro Prados de la Escosura & Joan R. Rosés & Isabel Sanz Villarroya, 2010. "Stabilization and growth under dictatorship: the experience of Franco's Spain," Working Papers in Economic History wp10-02, Universidad Carlos III, Departamento de Historia Económica e Instituciones.

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