Leontief (1953) showed that US exports in 1947 embodied considerably less capital and somewhat more labor than would be required for domestic production of competitive imports. \$2.55 million worth of capital was used to produce \$1 million (against $3.1 million for "imports"). What is being measured here is the total capital stock which I guess exceeds that part of the capital stock that was used to produce exports that year.
Would it be more appropriate to measure the capital used that year by the depreciation on the total stock? Is there any reference on this?