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A Current Cost Accounting Measure of Britain's Stock of Equipment

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  • Smith, A.D.

Abstract

Reliable measures of the gross replacement cost of fixed assets are needed for a variety of reasons. It is generally accepted that this is the valuation concept which is most appropriate for assessing the output capacity of capital and for analysing developments over time in output, labour force and capital stock relationships. The gross replacement cost of fixed assets is also the benchmark for deriving measures of net capital stock which, taken in conjunction with other capital elements and profit data, yield rates of return to capital. Furthermore it is the concept which constitutes the fundamental ingredient in the quantification of the depreciation allowances that are used in national accounts.

Suggested Citation

  • Smith, A.D., 1987. "A Current Cost Accounting Measure of Britain's Stock of Equipment," National Institute Economic Review, National Institute of Economic and Social Research, vol. 120, pages 42-57, May.
    • Handle: RePEc:cup:nierev:v:120:y:1987:i::p:42-57_4
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