334

PONTIFICIAE ACADEMIAE SCIENTIARVM SCRIPTA VARIA - 28

6) The estimates of capital-output ratios y and Yc given
in § 320 and § 326 have been calculated on the basis of available
 figures for national income. In point of fact, the compiation
 of these figures is subject to many conceptual difficulties,
and the data must be adjusted if they are to be used for even
a midly rigorous application of formulations in the present
study. It may be helpful at this point, to illustrate the problem
by examining data for the U.S.A. economy in 1956.

(n that year, it is possible to take as a first approximation:

i =2.55%

i

7}

?

:=4.7%

=0.85%

() à here is the pure rate of interest in wage units, since the unit of
valuation in the present study is the unit of primary income i.e, the basic
hourly wage rate ($ 110). In my New York lecture, published in « Econometrica
 » in 1067. I calculated

- m

os

Z

where i, is the pure rate of interest in nominal terms and ¢ the rate of
growth of hourly wage rate (p. 714).
() § 326.
() Since the composition of reproducible capital is fairlv stable over
ime. as a first approximation, it is possible to take
al
— A
dt

L

11] Allais - pag. 138