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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.

Suggested Citation

  • V. Eldon Ball & W. A. Lindamood & Richard Nehring & Carlos San Juan Mesonada, 2008. "Capital as a factor of production in OECD agriculture: measurement and data," Applied Economics, Taylor & Francis Journals, vol. 40(10), pages 1253-1277.
  • Handle: RePEc:taf:applec:v:40:y:2008:i:10:p:1253-1277
    DOI: 10.1080/00036840600771320
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    References listed on IDEAS

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    1. Zvi Griliches, 1961. "Hedonic Price Indexes for Automobiles: An Econometric of Quality Change," NBER Chapters,in: The Price Statistics of the Federal Goverment, pages 173-196 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Qushim, Berdikul & Gillespie, Jeffrey & McMillin, Kenneth, 2014. "Productivity And Efficiency Of Southeastern U.S. Meat Goat Farms," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170352, Agricultural and Applied Economics Association.
    2. Qushim, Berdikul & Bhandari, Basu & Gillespie, Jeffrey & Scaglia, Guillermo, 2017. "Grass-Fed Beef Enterprise Efficiency Analysis in the U.S," 2017 Annual Meeting, February 4-7, 2017, Mobile, Alabama 252735, Southern Agricultural Economics Association.
    3. 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.
    4. 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.
    5. Nehring, Richard & Sauer, Johannes & Gillespie, Jeffrey & Hallahan, Charlie, 2016. "United States and European Union Dairy Farms: Where Is the Competitive Edge?," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association (IFAMA), vol. 19(B).
    6. 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.
    7. Qushim, Berdikul & Gillespie, Jeffrey & McMillin, Kenneth, 2015. "Efficiency Analysis of Southeastern U.S. Meat Goat Production," 2015 Annual Meeting, January 31-February 3, 2015, Atlanta, Georgia 196818, Southern Agricultural Economics Association.
    8. repec:bla:revinw:v:63:y:2017:i::p:s169-s193 is not listed on IDEAS
    9. 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.
    10. Ball, V. Eldon & Färe, R. & Grosskopf, S. & Margaritis, D., 2014. "The role of energy productivity in the U.S. agriculture," UC3M Working papers. Economics we1424, Universidad Carlos III de Madrid. Departamento de Economía.
    11. 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.
    12. Nehring, Richard & Gillespie, Jeffrey & Hallahan, Charles & Sauer, Johannes, 2015. "The Economics and Productivity of Organic versus Non-organic U.S. Dairy Farms," 2015 Annual Meeting, January 31-February 3, 2015, Atlanta, Georgia 196805, Southern Agricultural Economics Association.
    13. Ball, V.E. & Färe, R. & Grosskopf, S. & Margaritis, D., 2015. "The role of energy productivity in U.S. agriculture," Energy Economics, Elsevier, vol. 49(C), pages 460-471.

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