The Capital Valuation of Military Equipment

Conceptual and Measurement Issues

by Gregory G. Hildebrandt

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This report develops a methodology for measuring the capital value of military assets, and discusses two military capital measures. One measure, called the value of military capital (assessment), summarizes the value of defense assets during a particular year, and is useful for comparing the size of U.S. and Soviet military inputs. A second measure, called the value of military capital (wealth), summarizes the military benefits obtained from defense assets over the remainder of their service lives. The second measure is useful for comparing military wealth with other types of wealth in the economy.

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