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Transport infrastructure investment: implications for growth and productivity

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  • Nicholas Crafts

Abstract

Theory and evidence on the effects of public investment on growth and productivity are reviewed. It is concluded that, on average, public capital has positive impacts on output and private investment, partly offset by the effects of the taxation needed to finance it. A possible future shortfall in public capital in the UK is highlighted. The paper also reviews the contribution of transport infrastructure to productivity and considers implications for cost--benefit analysis. It is suggested that there is a case for greater UK investment in roads but, ideally, this should be implemented along with an efficient national road-pricing scheme. Copyright 2009, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/oxrep/grp021
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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 25 (2009)
Issue (Month): 3 (Autumn)
Pages: 327-343

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Handle: RePEc:oup:oxford:v:25:y:2009:i:3:p:327-343

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Web page: http://oxrep.oupjournals.org/

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Cited by:
  1. Muñoz, Juan Carlos & de Grange, Louis, 2010. "On the development of public transit in large cities," Research in Transportation Economics, Elsevier, vol. 29(1), pages 379-386.
  2. Nicholas Crafts, 2010. "Cliometrics and technological change: a survey," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 17(5), pages 1127-1147.
  3. Hans Pitlik & Margit Schratzenstaller, 2011. "Growth Implications of Structure and Size of Public Sectors," WIFO Working Papers 404, WIFO.

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