THE MEASUREMENT OF U.S. REAL CAPITAL INPUT, 1929–1967

The purpose of this paper is to develop methods for the measurement of real capital input. These methods are based on perpetual inventory estimates of capital stock and corresponding estimates of capital service prices. Stocks and service prices are adjusted for relative utilization of capital. The resulting estimates represent a separation of income from capital into price and quantity components. Estimates of capital input in current and constant prices are constructed for corporate business, non-corporate business, and households and non-profit institutions in the United States for the period 1929–1967. These estimates are prepared in a form suitable for integration into the U.S. National Income and Product Accounts.