Title
Are public and private outlays for physical and knowledge capital accumulation equally productive? Are public and private outlays for physical and knowledge capital accumulation equally productive?
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Oxford ,
Subject
Economics
Source (journal)
Applied economics. - Oxford
Volume/pages
31(1999) :11 , p. 1401-1410
ISSN
0003-6846
ISI
000083489900012
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
This paper aims at obtaining empirically tentative answers to at least two questions of importance in the macroeconomic literature: (1) to what degree are private and public investment in physical and knowledge capital productive and what is their role in longer-term movements in aggregate productivity growth? and (2) does increasing the number of capital components in neoclassical growth regressions drive the share of 'broad' capital up to one as suggested by new growth theory? We will therefore rely on specifications derived from a generalized neoclassical growth model, which are in fact very well reconcilable with the equilibrium approach in the public economics literature.
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