Movements in the average age of the capital stock

Abstract

ADOPTING an approach suggested by Richard Nelson (1964), the paper reports a model which both identifies the (proximate) determinants of the average age of the capital stock and which may be used to obtain an index number series for the average age from readily available data. The method is illustrated by applying it to data for the Net Capital Stock in the U.K. over the period 1948-1981. Oxford Econ. Pap., March 1985, 37 (1), pp. 64-70. © 1985 Oxford University Press.