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The social rate of return to investment

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  • Dr Garry Young

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Abstract

Does the social rate of return to physical investment exceed the private rate to an economically significant extent? In particular, is the return to investment in plant and machinery very high? This question is addressed by estimating a number of different models employing cross-section, time series and panel methods on data from the Penn World Table. The balance of the evidence suggests the answer to these two questions is no, particularly for the currently rich countries. The estimated elasticity of output with respect to capital seems roughly equal to capital's share and the estimated social rate of return is in line with estimates of the private rate. No PDF version is available. Please contact the NIESR Publications Office to order a free hard copy of this Discussion Paper.

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Bibliographic Info

Paper provided by National Institute of Economic and Social Research in its series NIESR Discussion Papers with number 244.

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Date of creation: Apr 1996
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Handle: RePEc:nsr:niesrd:244

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Cited by:
  1. Goni, Edwin & Maloney, William F., 2014. "Why don't poor countries do R&D ?," Policy Research Working Paper Series 6811, The World Bank.

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