Capital in the Nineteenth Century

This book explores Robert E. Gallman's extensive research on U.S. capital stock, providing valuable insights into economic growth during the nineteenth century.

In Capital in the Nineteenth Century, Paul W. Rhode delves into the extensive research conducted by economist Robert E. Gallman, who gathered invaluable data on U.S. capital stock. This work sheds light on the significance of numerical data in understanding historical events, economic growth, and societal changes. Gallman's meticulous analysis, spanning from the end of the colonial period to the dawn of the twentieth century, provides a comprehensive view of how capital accumulation influenced the economic landscape of the United States.

Rhode emphasizes the importance of Gallman's approach, which viewed capital stock not just as a static figure but as a dynamic component of economic performance. By considering capital as both an accumulation of saved income and an essential input for production processes, Gallman's legacy offers insights into the long-run economic performance of the nation. This perspective is particularly relevant as it coincides with the period when the U.S. began to emerge as a global economic powerhouse.

The completion of Gallman's project by Rhode gives permanence to the insights of a great economist whose work was largely inaccessible during his lifetime. Capital in the Nineteenth Century serves as a vital resource for researchers and policymakers alike, highlighting the critical role of capital in shaping economic conditions and addressing contemporary issues in the economy.