| Research Abstract |
The objectives of this study are to obtain better estimates of land capital for each prefecture in Japan from 1963 through 1983,and to analyze the relationship between land capital and agricultural production. There exist some similar estimates, but they have not been used for the analysis of agrioultural production in Japan because of the inappropriate assumption, especially, too short life-span of land capital stock. Thus, in this study Physical Stock Valuation Method is used for estimating land capital.
The major results of this measurement are summarized as follows. (1)A total value of land capital in 1983 was ninety-three trillion yen at 1985 constant price. (2)It increased at a growth rate of about 0.2 percent per year during the 1963-1983 period. (3)Its variation among prefectures has risen.
Next, for analyzing the effect of land improvement project, the relationship between land capital and agricultural production has been investigated by making use these estimates. The followings are the major fact-findings. (1)The correlation coefficient between land capital and cereal production is high. (2)Rice yield is significantly increased by land capital formation. (3)Land capital has increased the rate of utilization of upland field.
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