The paper considers how to measure capital in a model where technical progress is either embodied in new units of capital or it is "disembodied" and simply causes the price of capital services to fall. The disembodied case is considered in sections 2-4. Sections 2 and 3 set out standard vintage...

Five generic reforms, price liberalization, property privatization, macroeconomic stabilization, microeconomic restructuring and trade liberalization, are integrated into both exogenous and endogenous growth models. This integration allows one to assess the implications of each reform for a...