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General government (and other nonmarket producers) assets: cost of capital services Anne Harrison 1 Precision Excludes government asset used in market production Includes assets used in other non-market production Measuring the contribution of non-financial assets to non-market production 2 1993 SNA Zero net operating surplus for non-market producers Implies no return to capital used in non-market production Implies inconsistency in capital services rendered by similar asset used in market and non-market production Implies different values for similar assets after initial purchase or different values of consumption of fixed capital 3 Proposal Treat similar assets as providing similar services regardless of the nature of production (Note this was nearly accepted in 1993 SNA looked as opportunity cost of capital) Consider four types of assets 4 First type of asset Assets used by civil servants in course of their work eg computer, vehicle, building Determining capital service/ return to capital/ consumption of fixed capital straightforward First priority 5 Second type of asset Assets bringing benefits to the economy at large eg roads and other infrastructure May be unique products so valuation may be more difficult that first type but valuation is needed for calculation of consumption of fixed capital Second priority 6 Third type of asset Used by the community at large eg recreational areas such as city parks, monuments May be difficult to place a value on these Lower priority to estimate May be infeasible (but then where do consumption of fixed capital estimates come from?) 7 Fourth type of asset Land – Produced – Non-produced Do we have separate information on this? General considerations as for third type of asset 8 Implications Changes GDP Approximately 1 to 2 per cent of GDP in Australia and US May not change growth rates Feasibility – discussed above 9