Advertisement

Estimates of the Capital Stock of Welsh Manufacturing, 1949–70

  • D. E. L. Thomas

Abstract

The analysis of the economic development of the regions of the United Kingdom has always been handicapped by the almost complete unavailability of statistics of regional capital stock. Although the theoretical validity of the empirical measures that are available, chiefly at the national level, may be severely criticised, the estimates continue to be extensively employed for purposes such as economic forecasting, examining differences and trends in productivity and technical progress and evaluating the extent of economies of scale. In the absence of stock figures, an evaluation of the performance of regional economies has to rely almost exclusively on a single input, labour and, as a result, many existing as well as potentially new theories of regional development cannot be adequately tested. Moreover, without estimates of the stock of capital it is impossible to assess fully the contribution which is made by the government through its policy of subsidising investment, to the build-up of the capital stock of manufacturing industry and the efficiency with which this stock is employed. Any light that might be shed on this and other issues would obviously be beneficial in appraising the effectiveness or otherwise of current regional policy and hence would have direct relevance for the formulation of future government action.

Keywords

Capital Stock Capital Consumption Capital Expenditure Industry Group Standard Industrial Classification 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Barna, T. (1957), ‘The Replacement Cost of Fixed Assets in British Manufacturing Industry in 1955’, Journal of the Royal Statistical Society, Series A (General), vol. 120.Google Scholar
  2. Dean, G. A. (1964), ‘The Stock of Fixed Assets in the United Kingdom in 1961’, Journal of the Royal Statistical Society, Series A (General), vol. 127.Google Scholar
  3. Domar, E. D. (1953), ‘Depreciation, Replacement and Growth’, Economic Journal, voL Lx III, Table 1, p. 8.Google Scholar
  4. Feinstein, C. H. (1965), Domestic Capital Formation in the United Kingdom, 1920–1938 Studies in the National Income and Expenditure of the United Kingdom, No. 4 (Cambridge University Press).Google Scholar
  5. Feinstein, C. H. (1972), National Income, Expenditure and Output of the United Kingdom 1855–1965 Cambridge University Press) Table 63.Google Scholar
  6. Henry, E. W. (1971–72), ‘Estimation of Capital Stock in Irish Industry 1953 to 1968’, Journal of the Statistical and Social Inquiry Society of Ireland vol. XXIII, part Iv, p. 6.Google Scholar
  7. Jefferson, C. W. (1968), A Method of Estimating the Stock of Capital in Northern Ireland Manufacturing Industry; Limitations and Applications (Dublin: The Economic and Social Research Institute).Google Scholar
  8. Maton, J. M. (1966), Manufacturing Output, Employment and New Building. Regional Analysis: 1948–1958, Board of Trade Journal, 28 January, p. vi.Google Scholar
  9. Nevin, E. T. (ed.) (1957), The Social Accounts of the Welsh Economy, 1948–56, Welsh Economic Studies No. 2 (University of Wales Press), Table xcv, p. 12.Google Scholar
  10. Nevin, E. T. (1963), ‘The Life of Capital Assets: An Empirical Approach’, Oxford Economic Papers, vol. 15.Google Scholar
  11. Redfern, P. (1955), ‘Net Investment in Fixed Assets in the United Kingdom 1938–1953’, Journal of the Royal Statistical Society, Series A (General), vol. 118.Google Scholar
  12. Tomkins, C. R. (1971), Income and Expenditure Accounts for Wales 1965–1968 (Welsh Council), Table 35, p. 109.Google Scholar
  13. Welsh Office (1974), Welsh Economic Trends No. 1 (London: HMSO). Welsh Office (1972–73), Digest of Welsh Statistics No. 19 (London: HMSO), Table 185, p. 140.Google Scholar
  14. Woodward, V. H. (1970), Regional Social Accounts for the United Kingdom, NIESR, Regional Papers (Cambridge University Press).Google Scholar

Copyright information

© D. E. L. Thomas 1979

Authors and Affiliations

  • D. E. L. Thomas
    • 1
  1. 1.University College of SwanseaUK

Personalised recommendations