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Chapter 3
Physical Capital
Note: Special icons in the margin identify problems requiring a computer or calculator and those
requiring calculus .
Solutions to Problems
1. The key characteristics of physical capital are that it is productive, it is produced, its use is limited,
it can earn a return, and it wears out.
a. A delivery truck is physical capital because it is productive, i.e., by allowing a delivery man to
drive instead of walk it increases his output (deliveries made); it has been produced itself; it is
rival in its use, i.e., only one person can drive it to use it at a time; it can earn a return if rented
out; and it suffers wear and tear (depreciation) for the period of its use.
b. Milk is not physical capital because it is not productive. (To be slightly technical, milk is used in
making other things—for example, cheese. But in this case milk is a raw material rather than a
factor of production. In economic terms, “cheese production” is the value added resulting from
using capital and labor to turn milk into cheese.)
c. Farmland is not physical capital because even though it allows a worker to produce more output,
it has not been produced itself.
d. The Pythagorean Theorem is not physical capital because it is non-rival in its use. That is, an
unlimited amount of people can use it at the same time.
2. To find the steady-state value of the country, we refer to Equation (3.3) on page 63.
α
1
γ 1−α
yss = A 1−α
δ .
That is, the current output is 20 whereas the steady-state output level is 10. Therefore, we conclude
that y > yss so the country is above its steady-state level of output per worker.
5. Since we know productivity, A, and depreciation, δ , are the same, we know that they will cancel out
in our steady state ratio analysis. Therefore, with α =1/3, our equation of interest boils down to
α 1
y1, ss γ 1 1−α γ 1 2
= = ,
y2, ss γ 2 γ2
Substituting in γ T = 0.352 and γ B = 0.126, we get the steady state ratio to be:
1
yT , ss 0.352 2
= ≈ 1.67.
yB , ss 0.126
9 Weil ∙Economic Growth, Third Edition
yT $13, 279
= ≈ 1.62.
yB $8, 202
Therefore, the Solow Model does a good job in predicting relative income for Thailand and
Bolivia.
b. Using a subscript N for Nigeria and a subscript T for Turkey, we rewrite the previous equation,
with γ N = 0.064 and γ T = 0.163 to get,
1 1
y N , ss γ N 2 0.064 2
= = ≈ 0.63.
yT , ss γ T 0.163
y N $6,064
= ≈ 0.20.
yT $29,699
Therefore, the Solow Model does a poor job in predicting relative income for Nigeria and
Turkey.
c. Using a subscript J for Japan and a subscript N for New Zealand, we rewrite the previous
equation, with γ J = 0.299 and γ N = 0.186 to get,
1 1
y J , ss γ J 2 0.299 2
= = ≈ 1.27.
y N , ss γ N 0.186
y J $57,929
= ≈ 1.16.
y N $49,837
Therefore, the Solow Model does a good job in predicting relative income for Japan and
New Zealand.
6. If output per worker is rising in Country X and output per worker is falling in Country Y, we can be
assured that both countries are not in their respective steady states. Instead, they are converging to
their respective steady states. In addition, for Country X and Country Y, we are given information
that depreciation, productivity, and output per worker are identical. By the process of elimination,
the only difference between the countries can and must be the level of capital stocks. Capital stock
levels follow the process:
∆ki γ i f (ki ) − δ i ki .
=
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The Project Gutenberg eBook of Dixie: A monthly
magazine, Vol. I, No. 2, February 1899
This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
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laws of the country where you are located before using this
eBook.
Author: Various
Language: English
Vol. I No. 2.
Terms: $1.00 a Year in Advance. 10 Cents a Number.
DIXIE
A MONTHLY MAGAZINE. FEBRUARY, 1899.
CONTENTS.
I. Frontispiece, Drawn by Lucius Hitchcock.
Illustration for “How Randall Got Into The Salon”.
X. Quatrain (Poem)—H. C. H. 78
XI. Extracts from the Log of the Rita 79
Illustrated by Numerous Sketches.
“He slowly pushed the massive door ajar, and the next instant
perceived he was standing in the actual, awful presence of the
famous master”—(See page 49)
DIXIE.
They stood in the village street talking together, two little Russian
peasant girls, dressed in rough carpet skirts, thick leather boots, with
hair plaited in two long plaits and heads covered with bright kerchiefs
as became unmarried girls.
Grusha was larger and taller than Masha, and her coloring
stronger, in fact, she was stronger in all respects, and good-
naturedly conscious of her superiority. She stood looking down on
Masha with a mischievous smile on her red lips and in her black
eyes.
“Is it that you mean to marry Ivan when he comes from the war,
Grusha?” Masha was asking.
Grusha laughed.
“Perhaps,” she replied lightly.
“Then you are a bad girl, Grusha. Why do you keep Alioscha
dancing after you?”
Grusha laughed again.
“What if he likes it? Alioscha would be more unhappy if I did not let
him do his dancing. And besides, I like him.”
“Do you mean to marry him then, Grusha?”
“Perhaps.”
Grusha caught Masha’s hand as she turned from her with a
gesture of anger.
“Come back, Masha, listen to me. Ask Anna Evauovna what I
mean to do. She knows all things, the old witch!”
Masha crossed herself, glancing over her shoulder.
“And she will know you have said that,” she answered.
Grusha’s face wore a reflected uneasiness for a moment.
“Bah!” she replied, shaking herself. “What harm can she do me!”
Masha nodded her head gravely.
“That was what Marusa said, and how did the Njania punish her?
Has she a child to call hers? And look at poor Julina. She defied the
Njania also, and has had children showered on her faster than she
can breathe. Her isba is like a beehive. Anna Evauovna can give you
a draught that will cure any sickness if she will, and oh! what
fortunes she can tell, Grusha! And what do we here in the village that
she does not know of at once?”
“Who teaches her and who tells her? Answer me that, Masha. Oh,
you may well cross yourself! Ask her if you want to know anything
and if you are not afraid of her teacher. Have done then. What are
you after?”
While the girls talked, two of the young men of the village had
crept behind Grusha unseen. Each held one of her plaits in his hand
as a rein, and they began shouting as to a restive horse, when she
struggled to escape. Grusha’s heavy plaits were favorite playthings,
never safe from attack; for she was a belle in the village. In the
confusion of the romp, Masha turned away and walked off.
“I will go to Anna Evauovna,” she said to herself.
It is easy to state the positions of Grusha and Masha. They were
only two little Russian peasant girls, who worked in the garden of the
Prince in Summer, and about his great house in winter.
But for Anna Evauovna, the Prince himself could hardly have
defined her position. She had been Njania (nurse) to his children,
and was now housekeeper. Anna Evauovna was the only peasant on
the estate who wore a cap, who spoke a pure Russian, and wore
dresses and shoes. She was older by years than her actual days
numbered, capable, resolute, silent and invaluable to her employers.
The peasants spoke to her with deference, calling her Anna
Evauovna. Behind her back they called her the old witch, and the
Princess had been appealed to for protection from her more than
once.
Anna Evauovna was in the housekeeping room assorting the
house linen from the wash, when Masha came to her and humbly
proffered her request to know the future.
The old woman looked up at the girl keenly.
“He who wants to know too much grows old too soon, Masha,” she
said.
“Tell me only a little then, Anna Evauovna, but tell me that.”
“Have it your own way then, Masha. Open the drawer of the table
and look in the left hand corner, and you will find a pack of cards
under a wooden box that has a strange smell about it. Bring them to
me, but no, I forgot—the box has something lying open in it which
you might touch and find harmful.”
As Anna Evauovna opened the drawer herself, Masha made the
sign of the cross furtively.
The old woman turning sharply, caught the gesture, and the girl’s
head drooped in confusion.
Anna Evauovna’s eyes twinkled. She shuffled the cards and
began to deal them out on the table, glancing now and then at
Masha, who sat opposite, the light of the lamp falling on her round
good-natured face, fair hair, and solemn blue eyes.
“Ah! there you are,” said Anna Evauovna, as the queen of hearts
fell. “And there is a dark man near you—the king of clubs. Now mark,
you are nearer to him in thought than he to you. Ah! ah! ah! I thought
so. Here she comes, there lies the cause. The queen of clubs, a dark
woman, lies between you and him. She separates you.”
Masha bent forward breathless.
“And will she succeed, Njania?”
“We shall see. Who comes here? The king of diamonds—and near
the queen of clubs. Here is one who is away, very far away, but
coming nearer. He is thinking of the queen of clubs. ‘Is she waiting
for me, is she waiting for me,’ he is thinking. Look for yourself,
Masha. The queen of spades, emblem of all that is bad, lies across
him, and thus it is easy to see that he is worrying about the dark
woman, your rival. Once more I will lay the cards. Now see; the king
of diamonds is thinking of a journey and of home. The dark woman is
restless, she thinks of the king of diamonds, and then of the king of
clubs. But how is this? The king of diamonds is close to your dark
rival, and the nine and ten of diamonds on either side. A marriage!”
Masha clasped her hands.
“And does that leave the king of clubs to me, Anna Evauovna?”
Anna Evauovna swept the cards into a heap.
“God knows,” she answered. “Would you seek to know as much
as He, Masha?”
“May the saints forbid!”
Anna Evauovna returned to her interrupted occupation, and
Masha still sat gazing at her, awestruck.
“Njania,” she said timidly, “is it right that a girl should keep a man
dangling after her, as a lash to a whip, if she means nothing by it?”
“You mean Grusha and Alioscha,” said Anna Evauovna shortly. “Is
it not her own affair?”
Masha blushed and hung her head.
“It was Grusha I thought of,” she stammered. “You know the very
hairs on our heads, Anna Evauovna.”
The Njania nodded, not ill pleased.
“I know what I know. Grusha thinks Ivan will marry her when he
comes back from the war.”
“Then why does she keep Alioscha waiting and sticking to her like
a wet leaf?” cried Masha passionately. “It is wicked, Njania, if she
loves Ivan.”
“Who said she loved Ivan!” answered Anna Evauovna drily. “Do all
girls love some one?”
“Did not you say that she loved him?” stammered Masha.
“I did not, my child. Njania is not to be fooled by a Grusha. Ah, but
she is a girl of wits, is Grusha, and so smooth to see. In still waters,
devils thrive, remember that, Masha.”
Masha’s lip quivered.
“But if she does not love Ivan, Njania, she may marry Alioscha.”
“Perhaps, who knows! It takes a wise man to tell the future, and a
wiser yet to tell a girl’s mind.”
“And she will surely marry Alioscha if Ivan has forgotten her by the
time he comes back,” added Masha more piteously.
Anna Evauovna laughed a dry chuckle and rubbed her hand on
the girl’s head.
“Your wits sharpen, little Masha. You may grow as wise as Grusha
some day.”
“Ivan does not write to her—I know that.”
“Now, now, as for writing, Masha, could Grusha read if he did?
Ivan may have been fool enough to remember her but even a
peasant does not like his love letters read from the house-tops.”
“But Grusha could take his letters to the doctor or the deacon.
They would read them to her alone.”
“Would they? A man is a man, doctor or deacon. He may keep
another man’s secret, but a woman’s—no. Come, child, Grusha will
marry whom God wills, and meantime, let her have rope. All is for
the best. Did Grusha know Ivan faithful to her, she would not have
this curiosity which makes her wish to wait and see how he will act
when he finds her waiting. Meantime, Alioscha is the best singer and
dancer in the village. And what could the village have to talk of but
for her behavior? For your part, eat, drink, sleep on the top of the
stove at night, and work by day. Let each hold up his share of the
burden, and all will go well.”
Masha listened, sighed, and assented.
The next day, as Anna Evauovna was walking in the field near the
village street, she heard sounds of music, the clapping of hands and
beating of feet in measured time, and loud shouts. She might have
walked to the isba whence the sounds came, and inquired the
cause, but that was not Anna Evauovna’s way. She slipped behind a
hedge, and walking along in its shadow, reached the spot where the
merry-making was taking place.
MASHA CLASPED HER HANDS
THE END
“Death and Love.”
The garden had been overgrown these three years. As the house
was tenantless nothing was ever trimmed or cut and the paths
skinned over with the green of intrusive weeds. The shrubs
expanded into masses of high dense leafage, the roses had run into
long stems that covered the walls or wound under the tall wavy
grass, the annuals had seeded themselves till they mingled in every
bed, and the whole was a delightful wilderness, more flowery than
any wood and more woodland than any garden. Milly and Jack
regarded the place as their own special domain. The house
belonged to Milly’s father and they were left to enjoy the garden
unwatched and undisturbed. Because their fathers were partners in
business they had made up their minds to marry when they grew up
and they announced their intention with the preternatural
seriousness of a boy of five and a girl of three. As they were really
fond of each other they never wearied of being together and as a
part of their precocious program they cared nothing for other
playmates. The garden was theirs and they were each others’ and
they lived in a community where children were little overseen or
tended. So they spent day after day in games of their own invention,
with no companion except a black kitten. Milly, who was proud of her
French, had named it Channoah and would have been deeply
grieved if anyone had insinuated that her pronunciation was far from
Parisian. Channoah was able to do without his mother when they
first began their games in the spring and was still a kittenish cat
when the autumn merged into winter. He entered into their sports
with almost a human interest and those long happy summer days
made a background for both the boy and the girl, which loomed up
behind all their future memories and where there were endless
pictures of each other, in long processions, punctuated and divided
by various postures and contortions of a coal-black kitten. As they
grew older and their companionship continued they had passwords
all for themselves and jokes that no one else entered into, all full of
allusions to the same pet.
II.
It was a rather awkward boy who came home from college for his
summer vacation. He had not seen his native place since the
autumn before, and the letters which had told him he must remain at
college, and which had disclosed most tenderly the fall in the family’s
fortunes had been worded so carefully that he had not realized the
full force of what had happened and had chafed at his exile as if it
were not inevitable. The first sight he had of his mother waiting on
the platform brought it all home to him. Her dress told more than any
words could have conveyed. He made a brave effort to be bright and
took care not to stare round him at the ugly walls of the cramped and
unfamiliar house, nor to look too curiously at the furnishings. The
gaps in the old belongings struck a chill to his heart, but he chattered
away about the college life to which he was to return, and over their
painfully frugal supper all were as cheery as old. The talk was a trifle
nervous and there was an anxiety to let no pause occur, but nothing
marred the warm greeting which had been made ready for him and
the meal ended naturally. The afternoon of talk had exhausted most
of what the greeters and the greeted had to ask and answer and
after they left the table the boy slipped into the entry and was hunting
for his cap among a litter of coats and capes, with a sick longing for
the old hall-piece and a strong distaste for the plain little walnut hat-
tree. The mother slipped out after him, shut the door noiselessly
behind her and asked:
“Where are you going, dear?”
“To see Milly, of course,” the boy answered.
“Has she written to you lately?” his mother queried.
“We haven’t written to each other at all,” he said. “I hate to write
letters, and it would make so much less for us to tell each other
afterwards.”
“You mustn’t go there, Jack,” she said, putting her hand lightly on
his shoulder with a caressing gesture.
“Why not?” he asked hotly, the blood rushing to his face.
“You know they have nothing to do with us any more, dear, since
your father and Mr. Wareham quarrelled.”
“I didn’t know it. You haven’t told me anything about what has
happened. And even if they have nothing to do with us, that wouldn’t
make any difference between Milly and me.”
“Isn’t it natural she should come to feel as her father and brother
feel?” the mother suggested tremulously.
“You mean she wouldn’t see me if I went,” he demanded, and he
was growing vexed and defiant.
“I did not mean that, dear. But her father might not allow her to see
you, and Albert always disliked you. And now they all hate all of us.”
“Why should they hate us? What have we done to them?”
“It was that selfish man ruined your father and people always hate
those they have wronged. Please don’t go, Jack.”
The boy twisted his cap in his hands and forced back his tears. He
was silent a moment and then he kissed his mother.
“It’s all right, mother dear,” he said, “I’ll go somewhere else. Thank
you for warning me.”
He went out into the dark. It was to the old garden that he walked.
The house was lit up and through the iron gate he saw trimmed and
unfamiliar shapes of shrubberies. He leaned against the bricks of the
gate-post and hated it all.
III.
A very lanky and gawky lad was waiting in the railway station at
the junction. He was loose-jointed and ill at ease in any position. His
clothes were mean and old and badly kept. His face was sad. For
some time now he had been waiting and he had hours of waiting
before him. He had looked over and over at everything in sight. Then
a train came up and a party of smartly dressed and handsome young
men and women entered. The lad’s face flamed. Jack had not seen
Milly for years. His father and mother were dead. He had to work at
hard and uncongenial things to make his living. He had as yet no
self-confidence and while he saw dimly a hope of better prospects,
neither to himself nor to his employers was anything apparent that
made his lot easier. Milly was a very lovely girl now. She was
perfectly dressed and the centre of a merry party. The boy watched
her hungrily, but she never glanced toward him. Her friends amused
themselves in various ways, but it seemed to the onlooker that Milly
was the soul of each diversion. After a while she took out a pair of
scissors and began cutting out figures from paper. Jack recalled with
a fresh pang the hours he and she had spent so. She had a
newspaper and cut out large and small shapes, of men and women,
of animals and other more difficult subjects, all with so neat an eye
for form and so keen an appreciation of what was striking that her
audience were carried away with admiration and delight, and one or
two who had never seen her do it before were amazed beyond any
powers of expression which they possessed. Their train came before
Jack’s and they rose, bustling, to go out. Milly’s dark scornful-browed
brother was with her and had stared at Jack sarcastically. Milly had
shown no sign of seeing him. The paper she had was full of big
advertisements and one sheet bore only six words on a side, in
broad black letters. Just as she stood up she cut out something,
while the rest were gathering up their belongings, and held it under
her thumb against a gaudily covered novel she carried in her left
hand. As she passed Jack she did not look at him, but he saw the
thumb of her glove move and a silhouette of an inky black kitten
fluttered down upon his knee. He took it up and stared at it. Then he
saw her look back at him from the door.
IV.
The german was a very dazzling and magnificent affair. The hall
was large and beautiful, splendidly lighted and most lavishly
decorated. The gathering was of people who were well satisfied with
themselves and had every reason to be so. John Henderson was as
well satisfied with himself as any man in the room. It gave him keen
pleasure to be in that set and to know that he had won his way into
it. His life was now one made delightful by every luxury and by the
constant sensation of success. Money came to him faster than he
had any use for it and friends gave him the most flattering evidences
that he was valued and liked. He was a tall strong young man, well-
knit and lithe. His clothes became him and he danced perfectly. He
was not merely among these courtly people, but welcome there. His
partner’s name had a decidedly patrician sound. And she was as
handsome as any girl in the room, he said to himself, save one. For
opposite him sat Miss Millicent Wareham. Her beauty was at its best
in her yellow satin ball-dress, and she looked proud and elate. He
had encountered her often recently, and they had been more than
once presented to each other, but had exchanged no words save the
formal acknowledgement of an introduction. He could not make out
whether she disliked him or merely reflected her brother’s manifest
antagonism. He took care not to look at her openly, but he glanced
toward her furtively very often. Toward the end of the dancing she
saw him approach her. Her face set and she looked at him full in the
eyes without any sign of expression as he asked her to dance with
him. But just when he uttered the last words of his slowly spoken
invitation he opened his hand and she saw the favor he was offering
her. It was a tiny kitten of black chenille made on wire, with minute
yellow beads for eyes. She blushed and smiled at the same time as
soon as she caught sight of it, rose graciously and they whirled away
together. Neither spoke at all and their separation came almost
immediately. Yet he felt more elated by that fragment of a dance than
by all the compliments of word and look he had had that evening
from men and women alike. She smiled at him again as she seated
herself and his heart leapt. He saw her as she was leaving, her wrap
open still and a bit of black on her yellow corsage.
V.
It was a dirty little square by the harborside, thronged with
boatmen, sailors of all nations ashore for a day’s outing, picturesque
cigarette-smoking loafers, fruit-sellers, negroes, uniformed police
and open-shirted porters. The shops facing it were dingy, the stones
of the quay awry in places, and the filth was more than is usual even
in Rio de Janeiro. Tawdry like every populous quarter there, it had
yet that pictorial air which all semi-tropical scenes, however much
defaced by man, never quite lose. To a stranger its most salient
feature was the clutter of six-sided, gaily-hued kiosques, which are
scattered all through the streets of Rio, many decorated with flags
and each selling lottery tickets, whatever else it might have for sale.
By one, which dispensed coffee in steaming cups and cognac in tiny
thin-stemmed glasses, stood an American talking to a Portuguese.
The noticeable thing about the Brazilian was that he was usual and
commonplace in every way. There was nothing in his form, features
or dress which could possibly have served to remember him by. One
might have conned him for an hour and after he was out of sight it
would have been impossible to recall anything by which to describe