TY  - JOUR
AU  - Kirova,Milka S.
AU  - Lipsey,Robert S.
TI  - Measuring Real Investment: Trends in the United States and International Comparisons
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 6404
PY  - 1998
Y2  - February 1998
UR  - http://www.nber.org/papers/w6404
L1  - http://www.nber.org/papers/w6404.pdf
N1  - Author contact info:
Robert E. Lipsey
NBER
365 Fifth Avenue, Suite 5318
New York, NY 10016-4309
Tel: 212/817-7961
Fax: 212/817-1597
E-Mail: N/A user is deceased
AB  - The standard measures of nominal capital formation show the United States investing a proportion of GDP much lower than those of other developed countries throughout the last 25 years and falling further behind over time.  In contrast, measures we have calculated in real terms across countries and over time indicate that US investment ratios have been rising over time and have been coming closer and closer to those of the other countries. A broader measure of capital formation more consonant with economic concepts shows the United States to have been close to the other countries since 1970 and to have been investing an above average share of total output in the most recent period 1990-1994.  Real capital formation per capita and per worker, even conventionally defined, has been consistently between 15 and 25 percent higher than in the other countries and broadly defined real capital formation per capita and per worker has been 30 to 60 percent higher.
ER  -