The Role of Public Capital in Production

Catherine Lynde and James Richmond

The Review of Economics and Statistics, 1992, vol. 74, issue 1, 37-44

Abstract: The impact of the stock of public capital on costs of production in the private sector is examined using annual data over the period 1958-89. A translog cost function is estimated and public capital is found to be a significant input. The estimates indicate that public capital has positive marginal product and that private and public capital are complements in production, rather than substitutes. Copyright 1992 by MIT Press.

Date: 1992
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