A Conceptual Framework for the Manual on Capital Stock Statistics

Short Description
Capital Stock Manual, the following two points should be born in mind:. . First, the main audience for the Capital Stock Manual are national accounts …

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Content
A Conceptual Framework for the Manual on Capital Stock Statistics
(Prepared by Derek Blades, OECD. 27 October 1999)
Background
1. The Canberra Group has been concerned with two “theories of capital”. One of these can be
described as the SNA Theory and the other as the Production Theory.
?The SNA Theory deals with the relationship of capital to income and wealth.
?The Production Theory deals with the contribution of capital to production.
2. Most of us started off at the first meeting, in Canberra, believing that there was little connection
between these two ways of looking at capital. However, in the light of subsequent discussions and of the
work done at BLS (including work by Jack Triplett) and at ABS (including work by Peter Hill as
consultant) it is clear that the two “theories” are closely linked - notably through the connections between
the efficiency profiles relevant for Production Theory and the depreciation profiles relevant for SNA
Theory.
3. In considering how the theoretical aspects of capital measurement should be presented in the
Capital Stock Manual, the following two points should be born in mind:
?First, the main audience for the Capital…