We use establishment-level data to study capital deepening -- increases in the capital-output ratio -- in American manufacturing from 1850 to 1880. In nominal terms, the aggregate capital-output ratio in our samples rose by 30 percent from 1850 to 1880. Growth in real terms was considerably...

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...

We use establishment-level data to study capital deepening -- increases in the capital-output ratio -- in American manufacturing from 1850 to 1880. In nominal terms, the aggregate capital-output ratio in our samples rose by 30 percent from 1850 to 1880. Growth in real terms was considerably...