Measures of Fixed Capital in Agriculture
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Capital is a fundamental component of
agricultural production, and the accumulation of capital is
key to growth in agriculture and the process of development.
Unfortunately, cross-country data sets on agricultural fixed
capital are rare. Using a common methodology that allows
comparisons across countries, as well as over time, this
paper introduces a data series on fixed capital in
agriculture, based on national accounts data. The fixed
capital measure differs remarkably from the Food and
Agriculture Organization's data series on tractors,
which has been widely utilized as a proxy for agricultural
fixed capital. The authors construct comparable measures of
capital in livestock and tree stock. They examine the
evolution of the capital stocks from 1970 to 2000, paying
particular attention to the changing composition of
agricultural capital, as well as differences in the
accumulation of capital for high-income and middle and
lower-income countries. Using the capital measures in
agricultural productivity analyses, the data yield estimated
input elasticities substantially different from those found
previously in the literature. The authors show explicitly
that this is due to the improved data set on agricultural
capital stocks, as well as the methodology used in the study.
Palabras clave
AFFILIATED ORGANIZATIONS, AGRICULTURAL DEVELOPMENT, AGRICULTURAL ECONOMICS, AGRICULTURAL OUTPUT, AGRICULTURAL PRODUCTION, AGRICULTURAL RESEARCH, AGRICULTURE, ASSETS, AVERAGE ANNUAL GROWTH, CAPITAL ACCUMULATION, CAPITAL INPUT, CAPITAL INTENSITY, CAPITAL INVESTMENT, CAPITAL INVESTMENTS, CAPITAL STOCK, CAPITAL STOCKS, CAPITAL-LABOR, CAPITAL-LABOR RATIO, COMMODITY, COMMODITY PRICES, COMPARATIVE ANALYSES, CROPS, DATA AVAILABILITY, DEFLATORS, DEMOCRACY, DEVELOPING COUNTRIES, DEVELOPING ECONOMIES, DEVELOPMENT ECONOMICS, ECONOMETRIC ANALYSIS, ECONOMETRICS, ECONOMIC DEVELOPMENT, ECONOMIC ENVIRONMENT, ECONOMIC GROWTH, ECONOMIC RESEARCH, ECONOMICS, ELASTICITY, EQUIPMENT, EXCHANGE RATES, EXPENDITURES, EXTENSION, FARM STRUCTURES, FERTILIZERS, FIXED ASSETS, FIXED CAPITAL, FIXED COSTS, FIXED INVESTMENT, FIXED INVESTMENTS, FOOD PRODUCTION, GDP, GDP DEFLATOR, GROSS DOMESTIC PRODUCT, GROSS FIXED CAPITAL FORMATION, GROWTH RATE, GROWTH RATES, HUMAN CAPITAL, INCOME, INCOME GROUP, INCOME GROUPS, INFLATION, INFLATION RATES, INTEGRATION, INTERNATIONAL DEVELOPMENT, INTERNATIONAL TRADE, INVENTORY, LABOR FORCE, LEVEL OF TECHNOLOGY, LIVESTOCK, LOCAL CURRENCY, LOW INCOME, LOW-INCOME COUNTRIES, MARKET PRICES, MARKET RISK, NATURAL ENDOWMENTS, OUTPUT RATIO, OUTPUTS, PRICE VOLATILITY, PRODUCTION COSTS, PRODUCTION EFFICIENCY, PRODUCTION FUNCTION, PRODUCTION FUNCTIONS, PRODUCTION STRUCTURE, PRODUCTIVITY, PRODUCTIVITY CHANGE, PRODUCTIVITY GROWTH, R&D, RAPID GROWTH, REAL INTEREST RATE, RELATIVE PRICES, RURAL DEVELOPMENT, SHADOW PRICES, STRUCTURAL CHANGE, TECHNICAL PROGRESS, TECHNOLOGICAL CHANGE, TERMS OF CAPITAL, TFP, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, VALUE OF OUTPUT, VARIABLE INPUTS, WATER RESOURCES, WORLD DEVELOPMENT INDICATORS, YIELD