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Are public and private outlays for physical and knowledge capital accumulation equally productive?

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  • Patrick Vanhoudt

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.

Suggested Citation

  • Patrick Vanhoudt, 1999. "Are public and private outlays for physical and knowledge capital accumulation equally productive?," Applied Economics, Taylor & Francis Journals, vol. 31(11), pages 1401-1410.
    • Handle: RePEc:taf:applec:v:31:y:1999:i:11:p:1401-1410
    DOI: 10.1080/000368499323283
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    References listed on IDEAS

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    2. Rosina Moreno & Enrique LOpez-bazo & Manuel ArtIs, 2003. "On the effectiveness of private and public capital," Applied Economics, Taylor & Francis Journals, vol. 35(6), pages 727-740.

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