Atack, Jeremy; Bateman, Fred; Margo, Robert A. - Harvard Institute of Economic Research (HIER), … - 2003
Establishment-level data are used to study capital deepening – increases in the capital-output ratio – in U. S. manufacturing from 1850 to 1880. In both nominal and real terms, the aggregate capital-output ratio rose substantially over the period. Capital deepening is shown to be especially...