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Public Capital and Economic Development

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  • German Cubas

Abstract

Public capital is sizable and its share in total capital is higher in poor countries. The standard development accounting approach does not distinguish it from private capital, ignoring its public good features. The goal of this paper is to measure public capital stocks for a wide range of countries, and then develop and implement a development accounting framework that explicitly includes its non-rival aspects. The paper finds that factors of production account for a significantly greater share of cross-country differences in output per worker compared to the standard framework. With both non-rivalry and congestion, the contribution of factors of production decreases.

Suggested Citation

  • German Cubas, 2020. "Public Capital and Economic Development," The Economic Journal, Royal Economic Society, vol. 130(632), pages 2354-2381.
    • Handle: RePEc:oup:econjl:v:130:y:2020:i:632:p:2354-2381.
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    File URL: http://hdl.handle.net/10.1093/ej/ueaa079
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    Cited by:

    1. Wu, Guiying Laura & Feng, Qu & Wang, Zhifeng, 2021. "A structural estimation of the return to infrastructure investment in China," Journal of Development Economics, Elsevier, vol. 152(C).
    2. Dinlersoz, Emin M. & Fu, Zhe, 2022. "Infrastructure investment and growth in China: A quantitative assessment," Journal of Development Economics, Elsevier, vol. 158(C).
    3. Chatterjee, Santanu & Lebesmuehlbacher, Thomas & Narayanan, Abhinav, 2021. "How productive is public investment? Evidence from formal and informal production in India," Journal of Development Economics, Elsevier, vol. 151(C).

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