cumulative capital investment in the
■ According to 建設新語集 (A Glossary of Construction Industry
Neologisms) at <http://www1.ocn.ne.jp/~saguchi/pee1030.htm>,
this expression refers to the "the volume of improvements made to
public facilities such as roads and highways, river embankments,
drainage and sewage systems, parks and other elements of the
infrastructure," and it is often seen quantified in statistical reports
as a value in yen or as a percentage of the GDP. Although the translator Murdoch MacPhee advises me that there are some economists who use the expression "stock
of social capital" or, more likely, "stock of public capital" to
express this concept, I do think that care should be taken not to
render this expression too directly unless its meaning is made
perfectly clear by the context, since the expression "stock of social
capital" is often used with an entirely different meaning.
This entry was created by Steven P. Venti.
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