Agricultural Capital Revisited

We construct the fixed-capital series based on national account investment data, using a modification of the perpetual inventory method. The method requires integration of the investment data to obtain capital stocks. For livestock the initial data are the number of animals. We need only calculate the values of the individual herds and then aggregate these values to obtain the total for the full stock of animals. For tree stock we use the estimated resent value of future income derived from the area planted in orchards. Three components of agricultural capital are presented for 30 countries for 1967 to 2000: fixed capital in agriculture, livestock capital, and tree-stock capital.