Capital in the Nineteenth Century

Robert E. Gallman, Paul W. Rhode, Claudia Goldin

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English

University of Chicago Press
03 June 2022

Economic history; Finance

Series: National Bureau of Economic Research Series on Long-Term Factors in Economic Development

Gives permanence and context to Gallman’s influential economic research on growth theory.

When we think about history, we often think about people, events, ideas, and revolutions, but what about the numbers? What do the data tell us about what was, what is, and how things changed over time? Economist Robert E. Gallman (1926–98) gathered extensive data on US capital stock and created a legacy that has, until now, been difficult for researchers to access and appraise in its entirety.

Gallman measured American capital stock from a range of perspectives, viewing it as the accumulation of income saved and invested, and as an input into the production process. He used the level and change in the capital stock as proxy measures for long-run economic performance. Analyzing data in this way from the end of the US colonial period to the turn of the twentieth century, Gallman placed our knowledge of the long nineteenth century—the period during which the United States began to experience per capita income growth and became a global economic leader—on a strong empirical foundation. Gallman’s research was painstaking and his analysis meticulous, but he did not publish the material backing to his findings in his lifetime. Here Paul W. Rhode completes this project, giving permanence to a great economist’s insights and craftsmanship. Gallman’s data speak to the role of capital in the economy, which lies at the heart of many of the most pressing issues today.

By: Robert E. Gallman, Paul W. Rhode
Foreword by: Claudia Goldin
Imprint: University of Chicago Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 25mm
Weight: 426g
ISBN: 9780226821030
ISBN 10: 022682103X
Series: National Bureau of Economic Research Series on Long-Term Factors in Economic Development
Pages: 336
Publication Date: 03 June 2022
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

Robert E. Gallman (1926–98) was the Kenan Professor of Economics and History at the University of North Carolina, Chapel Hill. Paul W. Rhode is professor of economics at the University of Michigan and a research associate at the NBER.