Key points are not available for this paper at this time.
This article presents a new database of investment and capital in agriculture, manufacturing, and the overall economy. It covers 62 industrial and developing countries for the years 1967–92. A common method is used in the calculations to facilitate comparisons across countries and sectors. The sensitivity of the calculations to choices of parameters and estimation methods is tested. Collectively, the data show that as economies grow, capital stocks accumulate, but the composition of capital changes. Together and individually, capital stocks in agriculture and manufacturing constitute a smaller share of the total capital stock than they did 20 years ago. Capital-labor ratios show that agriculture has become more capital intensive in most countries. The composition of agricultural capital has changed as well; capital from investments in orchards and livestock has declined relative to capital from fixed investments in machinery, irrigation, and buildings.
Larson et al. (Mon,) studied this question.