MOVEMENTS IN THE AVERAGE AGE OF THE CAPITAL STOCK

ADOPTING an approach suggested by Richard Nelson (1964), thepaper reports a model which both identifies the (proximate)determinants of the average age of the capital stock and whichmay be used to obtain an index number series for the averageage from readily available data. The method is illustrated byapplying it to data for the Net Capital Stock in the U.K. overthe period 1948–1981. Oxford Econ. Pap., March 1985, 37(1), pp. 64–70.