Michael Perelman wrote:
In recent decades, investment has been shifting from long-lived capital goods and buildings to capital goods of a very uncertain lifetime. I believe that even software is now suppose to be part of the capital stock, but I'm not sure.
It's now treated as an investment; it used to be treated in the NIPAs as a business expense.
How do you depreciate software? What is its useful life? In theory, it can run forever - but pressures to upgrade can render it obsolete in a year or two.
And what about all that pirated software out there? Is that part of the capital stock too?
Doug
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