Capital in the Nineteenth Century

Economist Robert E. Gallman (1926–98) gathered extensive data on US capital stock, creating a legacy that has been difficult to access and appraise. Paul W. Rhode completes this project, giving permanence to Gallmans insights and craftsmanship, and placing our knowledge of the long nineteenth century on a strong empirical foundation. Gallmans research speaks to the role of capital in the economy, which is at the heart of many of the most pressing issues today.

Format: Paperback / softback
Length: 336 pages
Publication date: 03 June 2022
Publisher: The University of Chicago Press

When we delve into the realm of history, our thoughts often revolve around the captivating stories of individuals, pivotal events, groundbreaking ideas, and transformative revolutions. However, amidst the flurry of human narratives, we must also pay heed to the silent witnesses of numbers. What do these numerical representations reveal about the past, present, and the ever-evolving nature of our world? Economist Robert E. Gallman (1926–98) embarked on a remarkable journey, meticulously gathering extensive data on US capital stock. His legacy, until now, has remained largely inaccessible and challenging to fully appreciate.

Gallman approached the measurement of American capital stock from diverse angles, perceiving it as the accumulation of income saved and invested and as a vital input into the production process. He employed the level and fluctuations in capital stock as proxy indicators of long-term economic performance. By meticulously analyzing data spanning from the end of the US colonial period to the dawn of the twentieth century, Gallman firmly established a robust empirical foundation for our understanding of the long nineteenth century—a period marked by the United States' emergence as a global economic powerhouse and the onset of per capita income growth.

Gallman's research was a labor of love, characterized by painstaking effort and meticulous analysis. Regrettably, he did not have the opportunity to publish the substantial evidence supporting his findings during his lifetime. Fortunately, Paul W. Rhode has taken up this noble task, ensuring that Gallman's insights and craftsmanship endure for generations to come.

Gallman's data shed light on the profound role of capital in the economy, a subject that continues to occupy a central position in our contemporary discourse. They remind us of the interconnectedness of economic growth, investment, and the accumulation of wealth. His work underscores the significance of capital in fostering innovation, driving productivity, and promoting sustainable development.

In conclusion, Robert E. Gallman's legacy is a testament to the power of data and rigorous economic analysis. Through his meticulous research on US capital stock, he has left an indelible mark on our understanding of economic history. Paul W. Rhode's completion of this project ensures that Gallman's insights and craftsmanship are preserved and accessible to future generations, enriching our collective knowledge and contributing to a more informed and enlightened understanding of the world we inhabit.

Weight: 604g
Dimension: 323 x 229 x 25 (mm)
ISBN-13: 9780226821030