Abstract
Investment represents the acquisition of capital goods at a given point of time. The quantity of investment is measured in the same way as the durable goods themselves. For example, investment in equipment is the number of machines of a given specification and investment in structures is the number of buildings of a particular description. The price of acquisition of a durable good is the unit cost of acquiring a piece of equipment or a structure.
This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman
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Jorgenson, D.W. (1987). Vintages. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1402-1
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DOI: https://doi.org/10.1057/978-1-349-95121-5_1402-1
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