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Measuring Capital - OECD Manual 2009

Second edition

image of Measuring Capital - OECD Manual 2009

Capital - in particular of the physical sort - plays several roles in economic life: it constitutes wealth and it it provides services in production processes. Capital is invested, disinvested and it depreciates and becomes obsolescent and there is a question how to measure all these dimensions of capital in industry and national accounts. This revised Capital Manual is a comprehensive guide to the approaches toward capital measurement. It gives statisticians, researchers and analysts practical advice while providing theoretical background and an overview of the relevant literature. The manual comes in three parts - a first part with a non-technical description with the main concepts and steps involved in measuring capital; a second part directed at implementation and a third part outlining theory and a more complete mathematical formulation of the measurement process.

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Acknowledgements

This Manual benefitted significantly from contributions of members of the Canberra II Group on the measurement of non-financial assets and from thoughtful comments provided by national statistical offices, in particular Statistics Canada, the U.S Bureau of Economic Analysis, Statistics Netherlands, Eurostat and the German Federal Office of Statistics. Special thanks go to Erwin Diewert (University of British Columbia) and Koji Nomura (Cabinet Office of Japan and Keio University) for many insightful comments, corrections and suggestions of draft versions of the document. Thanks are also due to Dale Jorgenson (Harvard University) and Chuck Hulten (University of Maryland) for their support during the gestation period of the Manual. All errors remain with Paul Schreyer (OECD), the principle author of the document.

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