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Capital as a factor of production in OECD agriculture: measurement and data

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  • V. Eldon Ball
  • W. A. Lindamood
  • Richard Nehring
  • Carlos San Juan Mesonada

Abstract

This article provides a farm sector comparison of levels of capital input for fourteen OECD countries for the period 1973 to 2002. The starting point for construction of a measure of capital input is the measurement of capital stock. Estimates of depreciable capital are derived by representing capital stock at each point of time as a weighted sum of past investments. The weights correspond to the relative efficiencies of capital goods of different ages, so that the weighted components of capital stock have the same efficiency. Estimates of the stock of land are derived from balance sheet data. We convert estimates of capital stock into estimates of capital service flows by means of capital rental prices. Comparisons of levels of capital input among countries require data on relative prices of capital input. We obtain relative price levels for capital input via relative investment goods prices, taking into account the flow of capital input per unit of capital stock in each country.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 40 (2008)
Issue (Month): 10 ()
Pages: 1253-1277

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Handle: RePEc:taf:applec:v:40:y:2008:i:10:p:1253-1277

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Cited by:
  1. Andersen, Matthew A. & Alston, Julian M. & Pardey, Philip G., 2009. "Capital Service Flows: Concepts and Comparisons of Alternative Measures in U.S. Agriculture," Staff Papers 50098, University of Minnesota, Department of Applied Economics.
  2. Pietola, Kyosti & Myyra, Sami & Heikkila, Anna-Maija, 2011. "The Penetration of Financial Instability in Agricultural Credit and Leveraging," Working Papers 117483, Factor Markets, Centre for European Policy Studies.
  3. Wang, Sun Ling & Schimmelpfennig, David & Ball, Eldon, 2013. "Embodied-Technical Change of Farm Tractors in U.S. Agricultural Productivity Analysis: What Does the Hedonic Price Tell Us?," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150198, Agricultural and Applied Economics Association.
  4. Wang, Sun Ling & Schimmelpfennig, David & Ball, Eldon, 2013. "Embodied-Technical Change of Farm Tractors in U.S. Agricultural Productivity Analysis: What Does Hedonic Price Tell Us?," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 151211, Agricultural and Applied Economics Association.
  5. Pietola, Kyösti & Myyrä, Sami & Heikkilä, Anna-Maija, 2011. "The Penetration of Financial Instability in Agricultural Credit and Leveraging," Factor Markets Working Papers 97, Centre for European Policy Studies.
  6. Nehring, Richard F. & Gillespie, Jeffrey M. & Hallahan, Charles B. & Sauer, Johannes, 2012. "Economic Efficiency of U.S. Organic Versus Conventional Dairy Farms: Evidence from 2005 and 2010," 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama 119769, Southern Agricultural Economics Association.

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