THE WORKWEEK OF CAPITAL AND CAPITAL UTILIZATION IN MANUFACTURING

Over the typical intervals of time studied in economic analysis, the h ow of capital services is not a fixed proportion of the capital stock. Much of the short-run variation in capital services comes from the du ration of operations. This paper presents new estimates of the workwee k of capital from the Census Bureau's Survey of Plant Capacity (SPC), both for our own analytical use and to make workweek data more widely available to other researchers. The paper uses these workweek estimate s to reconsider various results in the literature on capital utilizati on and productivity growth.