Capital in the Nineteenth Century

Capital in the Nineteenth Century

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When we think about history, we often think about people, events, ideas, and revolutions, but what about the numbers? What do the data tell us about what was, what is, and how things changed over time? Economist Robert E. Gallman (1926–98) gathered extensive data on US capital stock and created a legacy that has, until now, been difficult for researchers to access and appraise in its entirety.

Gallman measured American capital stock from a range of perspectives, viewing it as the accumulation of income saved and invested, and as an input into the production process. He used the level and change in the capital stock as proxy measures for long-run economic performance. Analyzing data in this way from the end of the US colonial period to the turn of the twentieth century, Gallman placed our knowledge of the long nineteenth century—the period during which the United States began to experience per capita income growth and became a global economic leader—on a strong empirical foundation. Gallman’s research was painstaking and his analysis meticulous, but he did not publish the material backing to his findings in his lifetime. Here Paul W. Rhode completes this project, giving permanence to a great economist’s insights and craftsmanship.  Gallman’s data speak to the role of capital in the economy, which lies at the heart of many of the most pressing issues today.

Product Details

ISBN-13: 9780226633251
Publisher: University of Chicago Press
Publication date: 04/03/2020
Series: National Bureau of Economic Research Series on Long-Term Factors in Economic Development
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 336
File size: 29 MB
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About the Author

Robert E. Gallman (1926–98) was the Kenan Professor of Economics and History at the University of North Carolina, Chapel Hill. Paul W. Rhode is professor of economics at the University of Michigan and a research associate at the NBER.

Table of Contents

Chapter 1. Robert Gallman’s Capital Stock Project Chapter 2. Gallman’s Core Capital Stock Data Chapter 3. The United States Capital Stock, 1840–1900 Chapter 4. Capital and American Economic Growth, 1774–1980 Chapter 5. Gallman’s Annual Product Series, 1834–1909 Chapter 6. Investment Flows and Capital Stocks Chapter 7. Agriculture Chapter 8. Mining and Manufacturing Chapter 9. Nonfarm Real Estate and Trade Chapter 10. Transportation Chapter 11. Communication and Electric Utilities Chapter 12. Inventories Chapter 13. Consumer Durables Chapter 14. Wealth in the Colonial and Early National Periods Chapter 15. Wrapping Up

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