Examination of Public Capital's Role in Production
Author | : Statistics Canada |
Publisher | : |
Total Pages | : 49 |
Release | : 2008 |
Genre | : |
ISBN | : 9780662484424 |
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Author | : Statistics Canada |
Publisher | : |
Total Pages | : 49 |
Release | : 2008 |
Genre | : |
ISBN | : 9780662484424 |
Author | : Statistics Canada. Micro-Economic Analysis Division |
Publisher | : |
Total Pages | : 49 |
Release | : 2008 |
Genre | : |
ISBN | : |
Author | : Mr.Serkan Arslanalp |
Publisher | : International Monetary Fund |
Total Pages | : 36 |
Release | : 2010-07-01 |
Genre | : Business & Economics |
ISBN | : 1455201863 |
This paper estimates the impact of public capital on economic growth for forty-eight OECD and non-OECD countries during 1960 - 2001. Using the production function and its extensions, it finds a positive - but concave - elasticity of output with respect to public capital, which is robust to changes in time intervals and varying depreciation rates. Furthermore, in non-OECD countries the growth impact of public capital is higher once longer time intervals are considered.
Author | : Zidong An |
Publisher | : International Monetary Fund |
Total Pages | : 34 |
Release | : 2019-11-01 |
Genre | : Business & Economics |
ISBN | : 1513519565 |
Most macroeconomic models assume that aggregate output is generated by a specification for the production function with total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect substitutes. In this paper we test this assumption by estimating a nested-CES production function whereas the two types of capital are considered separately along with labor as inputs. The estimation is based on our newly developed dataset on public and private capital stocks for 151 countries over a period of 1960-2014 consistent with Penn World Table version 9. We find evidence against perfect substitutability between public and private capital, especially for emerging and LIDCs, with the point estimate of the elasticity of substitution estimated closely around 3.
Author | : Manuel Balmaseda |
Publisher | : |
Total Pages | : |
Release | : 1995 |
Genre | : |
ISBN | : |
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 2010-07-01 |
Genre | : Business & Economics |
ISBN | : 1455201588 |
This paper estimates the impact of public capital on economic growth for forty-eight OECD and non-OECD countries during 1960 - 2001. Using the production function and its extensions, it finds a positive - but concave - elasticity of output with respect to public capital, which is robust to changes in time intervals and varying depreciation rates. Furthermore, in non-OECD countries the growth impact of public capital is higher once longer time intervals are considered.
Author | : Mr.Sanjeev Gupta |
Publisher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 2011-09-01 |
Genre | : Business & Economics |
ISBN | : 1463903502 |
This paper constructs an efficiency-adjusted public capital stock series and re-examines the public capital and growth relationship for 52 developing countries. The results show that public capital is a significant contributor to economic growth. Although the estimated coefficient for the income share of public capital is larger in middle- than in low-income countries, the opposite is true for the marginal product of public capital. The quality of public investment, as measured by variables capturing the adequacy of project selection and implementation, are statistically significant in explaining variations in economic growth, a result mainly driven by low-income countries.
Author | : Yasser Abdih |
Publisher | : International Monetary Fund |
Total Pages | : 50 |
Release | : 2008-09 |
Genre | : Business & Economics |
ISBN | : |
This paper investigates the impact of public capital on private sector output by testing and estimating an aggregate production function for the U.S. economy over the postwar period augmented to include the stock of public capital as an additional factor input. We use patent applications to proxy for knowledge/technology stocks and adjust labor hours for changes in human capital or skill. Using Johansen's (1988 and 1991) multivariate cointegration analysis, we find a positive and significant long run effect of public capital, private capital, skilladjusted labor, and technology/ knowledge on private sector output. We find that public capital accounts for about half of the post-1973 productivity slowdown, but only plays a minor role in the partial recovery of labor productivity growth since the mid 1980s. The largest contribution to that (partial) recovery comes from the knowledge stock and human capital.
Author | : Simon Smith Kuznets |
Publisher | : Princeton University Press |
Total Pages | : 694 |
Release | : 2015-12-08 |
Genre | : Business & Economics |
ISBN | : 1400879728 |
An examination of long-term trends in capital formation and financing in the U.S., this study is organized primarily around the principal capital-using sectors of the economy: agriculture, mining and manufacturing, public utilities, non-farm residential real estate, and government. The analysis summarizes major trends in real capital formation and financing, and the factors that determined the trends. Originally published in 1961. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Author | : John Charles Pool |
Publisher | : |
Total Pages | : 190 |
Release | : 1965 |
Genre | : Capital investments |
ISBN | : |
This study is directed toward the role of capital funds as differentiated from capital goods in the process of economic development. Capital is discussed in three different, but related ways and the conclusions are tested by application to the flow of capital funds into underdeveloped countries which is presumed to facilitate the growth process. First, capital is examined within a historical context where it has been assumed that accumulation of funds through saving precedes and causes growth. However, Keynes demonstrated that saving, under conditions of less than full employment, does not contribute to economic progress, but is, in fact, detrimental to it. Thus the classical rationale for income inequality is no longer valid and there is no reason to assign a special position to the accumulation of capital funds in the growth process. Second, studies of primitive economies have shown that production is a function of a delicate balance between ceremonial patterns of status and power on one hand, and the level and utilization of technical skill on the other. In this simple model it is seen that while the institutional patterns allow the various factors to come together in such a way that production takes place, this is not the causal element. Third, recent studies of the aggregate production function have shown that capital funds are becoming increasingly significant as a factor of production. One study shows capital to account for only 15 percent of the percentage growth rate, assuming other factors to be held constant. On the other hand, changes in technology account for 53 percent of the rate of growth. This implies that causal role given to capital has been greatly over-emphasized, and that more emphasis should be placed on technological improvement and its causal counterpart: education. Within this context, the analysis is extended into the international arena where it has been assumed that capital funds make a significant contribution to the economic growth of underdeveloped areas. If the above conclusion concerning the efficacy of capital funds is correct, then this assumption comes under serious question. The international flow of investment funds is analyzed and it is demonstrated that, as well as being inefficacious in general, capital outflows from developed to underdeveloped areas actually finance, because of the cumulative nature of compound interest, a return flow larger than the outflow. Using the United States international investment position as a case study this is demonstrated both theoretically and statistically. When combined, these four approaches to the role of capital provide a powerful argument to the effect that capital is not a significant causal factor in the development process. Implicit in this discussion is the conclusion that a valid theory of economic progress must be built around an operational treatment of the technological process.