A Century of Economic Growth: The Social Returns to Investment in Equipment and Structures

22 Pages Posted: 8 Feb 2005

See all articles by Jakob B. Madsen

Jakob B. Madsen

University of Copenhagen - Department of Economics

Abstract

A large body of literature has been published showing that the social returns to investment in equipment are low and insignificant in the OECD countries in the post-war period. The work reported in this paper re-examines the nexus between economic growth and investment in equipment and structures using data for 11 OECD countries over 130 years and for 22 OECD countries over 40 years. The empirical results suggest that the social returns to investment in equipment substantially exceed their private returns in the OECD countries in both the pre-war and the post-war periods.

Suggested Citation

Madsen, Jakob Bruechner, A Century of Economic Growth: The Social Returns to Investment in Equipment and Structures. Available at SSRN: https://ssrn.com/abstract=644547

Jakob Bruechner Madsen (Contact Author)

University of Copenhagen - Department of Economics ( email )

Ă˜ster Farimagsgade 5
Bygning 26
1353 Copenhagen K.
Denmark

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