1988. “Public Capital and Economic Growth: A Critical Survey.” EIB Papers, Vol.

Table 2 uses estimates broadly centered around those of Heintz (2010) to show the expected payoff from the public investment proposed in Investing in America’s Economy, a plan for long-term public debt stabilization by Demos, the Economic Policy Institute, and The Century Foundation (Our Fiscal Security 2010).

2004. The Romp and de Haan paper is titled “Public Capital and Economic Growth: A Critical Survey” and opens with the strong claim that earlier estimates of the rate of return to public capital (such as Aschauer 1989) are too large. 23, No.

Kamps (2001, 2004) uses cross-country data from the OECD to estimate an atheoretical vector autoregressive (VAR) model to examine the effect of public capital on productivity.

A consistent research finding is that public capital offers a higher rate of return than most forms of private capital.

2003. 1990. National Income and Product Account Tables [online data tables].

While at first this may sound like a lukewarm endorsement of public investment, it is based on examining a large cross-country dataset, and the authors stress the very heterogenous impacts of public investment, meaning that it might be insignificant in many countries and highly significant in others. Aschauer, David A. EPI is an independent, nonprofit think tank that researches the impact of economic trends and policies on working people in the United States. However, it is time to re-learn this lesson.

This approach also allows more flexibility in capturing the influence of public capital on private-sector productivity. “How Productive is Public Capital?

The PIM guidelines are intended to streamline the use of government resources on projects at the National and County Governments level as part of the efforts for reforms in Public Finance Management. Major Sector Productivity and Costs and Industry Productivity and Costs [databases]. The absence of “crowding out” is clear from the fact that interest rates actually fell as federal budget deficits rose since the start of the recession (Figure D).

In short, if public investment is sacrificed in the rush to reduce future budget deficits, the result will be less and less highly productive capital for future generations.

2012 (forthcoming). The normal economic mechanisms that push spending back up as some sectors’ spending falters—falling interest rates and automatic fiscal stabilizers such as increased unemployment insurance—were overwhelmed by the contraction in private spending after the $8 trillion housing bubble burst. 48, No. Office of Management and Budget. The last rate of return that we examine, 45 percent, is about half the rate of return originally estimated by Ascheaur (1989) and is roughly the rate of return corresponding to the all-country average in Isaksson’s (2007) cross-country study of public capital and growth for the United Nations Industrial Development Organization.

Oliner and Sichel (2003) found that over the 1995–2001 period, software investments yielded a rate of return of more than 40 percent, and accumulated software investments of less than $700 billion in real dollars over that time period increased productivity by 0.35 percent per year, roughly equivalent bang-for-investment buck to even the higher end of regression-based estimates of returns to public investment. The various reforms in the public sectors’ financial management are meant to spur economic growth and development. Isaksson, Anders.

Finally, it should be remembered that many possible benefits of public investment may not show up as increases in cash incomes. Various years.

Further, the Isaksson result is probably higher for the United States: His all-country average is characterized by developing countries seeing higher rates of return than industrialized countries as a group, but in the text he notes, “Incidentally, the estimated rates of return for the United States are approximately at par with those obtained here for developing countries.” Lastly, this rate of return is well within the confidence intervals estimated by Morrisson and Schwartz (1996), Lynde and Richmond (1993), Hulten and Schwab (2000), and Duggal, Saltzman and Klein (1999, 2007).

3400. Pollack, Ethan. 2011. Second, according to most studies, the impact is much lower than found by Aschauer (1989), which is generally considered to be the starting point of this line of research. He finds a significant impact of public capital on productivity and also finds that the public capital stock in the United States is slightly smaller than the OECD average.

To provide fundamental knowledge and essential skills for PPP units and government officials in the Asia-Pacific region. Private capital stock excludes residential capital stock.

“Information Technology and Productivity: Where Are We Now and Where Are We Going?” Journal of Policy Modeling, Vol. Even during times of full employment, the standard economic case against government deficits may not apply to deficits used to fund productive public investment. Holtz-Eakin, Douglas.

This estimate of 3 million jobs is the average of the estimates summarized in Congressional Budget Office (2012). 1, pp. The payroll tax cut and the extensions to unemployment insurance are set to expire, as are the entirety of the Bush-era tax cuts.

There’s an inherent imbalance of bargaining power between employers and employees. A cointegrating relationship exists between two nonstationary time series if some linear combination of them is stationary.

DeLong and Summers (1992) found that social returns to all equipment investment looked to be greater than 30 percent for a large group of countries, and this estimate applied to rich countries such as the United States as well.

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