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Where Was the Wealth of the Nation? Measuring Swedish Capital for the 19th and 20th Centuries

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    This report presents estimates of the Swedish national wealth from 1830 to 2010. This contributes to economic historical research on structural change and growth, while it also supplements debates on the composition of wealth and incomes across countries. The report also includes for the first time a historical estimate of the Consumer Rate Interest CRI and an estimate of wealth based on surveys and insurance data. The report includes an extensive description and documentation of the historical estimates. The main findings are that the proportion of intangible capital grew before modern economic growth was achieved in Sweden during the 1890’s. Secondly, we show that the proportion of natural assets fell prior to and during the industrialization, while the share of produced capital has fluctuated, but has remained fairly stable over the period as a whole.

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    Paper provided by CERE - the Center for Environmental and Resource Economics in its series CERE Working Papers with number 2014:1.

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    Length: 47 pages
    Date of creation: 13 Jan 2014
    Date of revision:
    Handle: RePEc:hhs:slucer:2014_001
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    1. Kirk Hamilton & John Hartwick, 2005. "Investing exhaustible resource rents and the path of consumption," Canadian Journal of Economics, Canadian Economics Association, vol. 38(2), pages 615-621, May.
    2. De Long, J Bradford & Summers, Lawrence H, 1991. "Equipment Investment and Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 445-502, May.
    3. Ögren, Anders, 2006. "Financial Revolution and Economic Modernization in Sweden," SSE/EFI Working Paper Series in Economics and Finance 650, Stockholm School of Economics, revised 08 Apr 2008.
    4. Barro, R.J., 1988. "Government Spending In A Simple Model Of Endogenous Growth," RCER Working Papers 130, University of Rochester - Center for Economic Research (RCER).
    5. Field, Alexander J., 2007. "The equipment hypothesis and US economic growth," Explorations in Economic History, Elsevier, vol. 44(1), pages 43-58, January.
    6. Hamilton, Kirk, 1994. "Green adjustments to GDP," Resources Policy, Elsevier, vol. 20(3), pages 155-168, September.
    7. Prados de la Escosura, Leandro & Rosés, Joan R., 2010. "Human capital and economic growth in Spain, 1850-2000," Explorations in Economic History, Elsevier, vol. 47(4), pages 520-532, October.
    8. Giuseppe Folloni & Giorgio Vittadini, 2010. "Human Capital Measurement: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 24(2), pages 248-279, 04.
    9. Jakob B. Madsen, 2009. "Growth And Capital Deepening Since 1870: Is It All Technological Progress?," Monash Economics Working Papers 10-09, Monash University, Department of Economics.
    10. James Field, Alexander, 1985. "On the unimportance of machinery," Explorations in Economic History, Elsevier, vol. 22(4), pages 378-401, October.
    11. repec:cor:louvrp:-2063 is not listed on IDEAS
    12. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
    13. Abel, Andrew B & Blanchard, Olivier J, 1983. "An Intertemporal Model of Saving and Investment," Econometrica, Econometric Society, vol. 51(3), pages 675-92, May.
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