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Comparing Macroeconomic Returns on human and Public Capital: An Empirical Analysis of the Portuguese Case (1960-2001)

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Author Info
Miguel ST. Aubyn
Álvaro Pina

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Abstract

The impact of human and public capital on growth is a major issue in economic theory and in policy evaluation. Using a cointegrated VAR, we estimate a Cobb-Douglas production function for Portugal with public and human capital. Return rates are then computed with and without dynamic feedbacks. Without these, human capital yields a return comparable to private investment, and smaller than public investment. Considering dynamic feedbacks, private capital responds positively to a shock in public capital, but negatively to a shock in human capital. Consequently, the dynamic feedbacks return on human capital is much lower than on public capital.

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Paper provided by Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon. in its series Working Papers with number 2004/07.

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Date of creation: 2004
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Handle: RePEc:ise:isegwp:wp72004

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Postal: Department of Economics, School of Economics and Management (ISEG), Technical University of Lisbon, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL
Web page: http://www.iseg.utl.pt/departamentos/economia/

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Related research
Keywords: Human capital; public capital; economic growth; Portugal.;

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Find related papers by JEL classification:
I20 - Health, Education, and Welfare - - Education - - - General
H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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References listed on IDEAS
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Miguel St. Aubyn & João Pereira, 2004. "What Level of Education Matters Most for Growth? Evidence from Portugal," Working Papers 2004/13, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
    Other versions:
  2. Yasser Abdih & Frederick L. Joutz, 2008. "The Impact of Public Capital, Human Capital, and Knowledge on Aggregate Output," IMF Working Papers 08/218, International Monetary Fund. [Downloadable!]
  3. Ester Gomes da Silva, 2009. "Capital services estimates in Portuguese industries, 1977-2003," FEP Working Papers 313, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
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