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Military capital is an aggregate measure of all durable assets of the defense establishment. The report investigates two related measures of military capital: the instantaneous productive capacity of military capital, which equals the total monetary value of the benefits provided by the assets at some point in time; and the long-run productive capacity of military capital, which equals the monetary value of the benefits provided by the assets over the remainder of their service lives. These two measures can be determined by utilizing information that is likely to be available to the analyst. Both deterioration and changes in asset quality are properly accounted for in the determination.

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