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Volume of capital services: estimates for 1950 to 2007

Author

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  • Gavin Wallis

    (HM Treasury)

  • Alex Turvey

    (Office for National Statistics)

Abstract

Presents updated experimental capital services estimates for the whole economy, market sector and non-oil sectorCapital services are the flow of services into the production of output that are generated by the capital stock, asopposed to the stock of capital itself. As such, capital services are the measure of capital input that is more suitable for analysing and modelling productivity. This article presents experimental capital services estimates for 1950 to 2007 for the UK as a whole, for the market sector, and for the non-oil sector. Capital services estimates are also presented by eight asset types and by detailed industry. New estimates for 2007 are presented in this article with earlier years updated to incorporate revisions throughout the time series. Revisions are caused primarily by the adoption of an improved methodology for calculating appropriate plant and machinery defl ators and due to the use of an improved purchased software defl ator. The main result continues to be strong growth in information and communication technology assets since the mid-1990s, with this growth causing a divergence between the volume of capital services and National Accounts measures of net capital stock. Economic & Labour Market Review (2009) 3, 53–61; doi:10.1057/elmr.2009.9

Suggested Citation

  • Gavin Wallis & Alex Turvey, 2009. "Volume of capital services: estimates for 1950 to 2007," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 3(1), pages 53-61, January.
    • Handle: RePEc:pal:ecolmr:v:3:y:2009:i:1:p:53-61
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    Cited by:

    1. Markus Eberhardt & Christian Helmers & Hubert Strauss, 2013. "Do Spillovers Matter When Estimating Private Returns to R&D?," The Review of Economics and Statistics, MIT Press, vol. 95(2), pages 436-448, May.
    2. Oulton, Nicholas & Wallis, Gavin, 2016. "Capital stocks and capital services: Integrated and consistent estimates for the United Kingdom, 1950–2013," Economic Modelling, Elsevier, vol. 54(C), pages 117-125.
    3. Markus Eberhardt & Christian Helmers, 2010. "Untested Assumptions and Data Slicing: A Critical Review of Firm-Level Production Function Estimators," Economics Series Working Papers 513, University of Oxford, Department of Economics.
    4. Igor Krejčí & Kristýna Vltavská, 2013. "Measuring quarterly net fixed capital stock in the Czech Republic," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 61(7), pages 2367-2376.

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