Capital Service Flows: Concepts and Comparisons of Alternative Measures in U.S. Agriculture
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Measures of capital services are used in studies of production and to inform policies
related to growth and development. A variety of methods have been used to measure
capital stocks and service flows. In this study we review methods commonly used to
measure capital service flows, and outline important assumptions used in constructing
such measures. We examine two recently constructed data sets that measure capital
inputs in U.S. agriculture. Substantial differences in the measures appear to have been
caused by the use of a fixed real interest rate versus a variable real market interest rate to
calculate capital services.