Then there was the issue of cross trading of Sky Capital stock on the AIM.
But Indonesia's investment rate (27% of GDP) looks much too low given its tiny capital stock.
Both countries have ageing populations, a bloated capital stock, and vested interests opposed to change.
The destruction of the capital stock is not a GDP event, but its reconstruction is.
They forget that on the opposite end people will be extracting and thus depleting the capital stock.
According to the central bank, the state accounted for a quarter of India's industrial capital stock in 1950.
Yet we are not able to participate in the capital stock of professional corporations merely because we are nonlicensed.
And year after year, the effect on domestic capital stock would be cumulative.
Clearly the capital stock we had in 2009 was not as long-lived and durable as what we had in 1966.
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Most investment goes simply to maintaining economic stasis by replacing the existing capital stock as it wears out and becomes obsolete.
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Unemployment benefits foster an environment of lower productivity and greater prodigality that necessarily make downturns more painful for the capital stock being depleted.
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Again, there is machinery and software but these are a much smaller portion of the capital stock and have much, much higher depreciation rates.
Its high investment-to-GDP ratio is often flagged as evidence of overinvestment, yet its capital stock per person is only 5% of America's or Japan's.
The private business capital stock would be more than one-third higher.
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Hu Angang of Tsinghua University estimates that half of Chinese growth per person in 1978-98 can be attributed to the increase in capital stock per head.
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However, it is likely to be higher in emerging economies than in developed ones, because their capital stock is much smaller in relation to their labour force.
That is because the average rate of depreciation of the capital stock has risen as investment has shifted from traditional machinery to shorter-lived assets such as computers and software.
Assuming extra investment increases output by progressively smaller amounts as the capital stock expands, then at some point extra investment will reduce, not increase, the long-run sustainable level of consumption.
While this is unquestionably classic Keynesianism: loose money plus (largely deficit financed) public works spending, it must be said that Japan does need to begin replacing its ageing capital stock.
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And I would argue has an appropriate capital stock.
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Under the original Bretton Woods system, Mr McKinnon points out, America borrowed on a short-term basis from Europe, but lent long, making enormous direct investments in the rebuilding of Europe's war-blasted capital stock.
After all, the longer the current stagnation continues the greater is the risk that the U.K. will become a zombie economy, with the capital stock depleted through underinvestment and the skill-base eroded, damaging long-termcompetitiveness and growth.
In a report on India's economy, the consultancy points out that 43% of India's capital stock is owned by the state, and that the productivity of these assets is well below the Indian average (see chart).
Computers, software and telecoms now account for about 12% of America's total capital stock, not far short of the share accounted for by railways at the peak of America's railway age in the late 19th century.
Because of the very large amounts of capital tied up in homes, buildings, power plants and industrial and transportation equipment, gradually transitioning to a capital stock that emits less carbon dioxide is much less expensive than an abrupt change.
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Growth based only on increased inputs of capital rather than on efficiency gains will eventually be subject to diminishing returns, so in developed economies, where the capital stock is already large, technological advances and efficiency gains are the keys.
Indeed, they go much further than capital stock, natural resources, education, or the other usual suspects of textbook economics, towards explaining why a worker's productivity rises so astonishingly when he merely crosses the political boundary between Mexico and the United States.
The Bureau of Economic Analysis attempts to translate the damages from natural disasters like hurricanes into two effects: the destruction of property and the capital stock buildings and equipment and the disruption of the flow of income that this stock of capital produces.
Compared to the estate tax provisions in current law, and after all economic adjustments, repeal of the estate tax would increase GDP by about 2.25 percent, private sector output and labor income (hours worked times hourly wage) by about 2.34 percent, and capital stock by 6.1 percent.
However, if you move up a level and ask yourself what retirement savings actually are, I think it is fair to say that they are nothing more than a claim by those who no longer work (or will soon no longer work) on the fruits of the existing capital stock and the labor of those who will be working in the future.
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