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The Base of Operations: Estimating New Zealand’s productive capital stock of non-agricultural land

Authors

Jodi York

Abstract

Productivity measures relate output with inputs to decompose the sources of GDP growth. The answer depends partly on the comprehensive coverage of both output and inputs; a model which fails to incorporate all inputs leads to estimates of productivity that conflate actual productivity change with whatever change there is in the missing component. Land is not used up in the production process like other inputs, but it is however, an essential input into any production function. A production process cannot take place without a physical location, whether that land is rented or owned.
How important is non-agricultural land in productivity, and how does its importance change over the course of a property market bubble? As part of the ongoing quality improvement of its official productivity measures, Statistics New Zealand has recently incorporated estimates of the productive capital stock of non-agricultural land. This paper details the methodology, considerations and results of that process, and its impact on the overall productivity series.

pdf icon. The Base of Operations: Estimating New Zealand’s productive capital stock of non-agricultural land (PDF, 908kb)

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