Fueling the engine of growth with investment in infrastructure: a lesson from neoclassical growth theory

Article Abstract:

The elasticity of aggregate output determines the rate of investment which maximizes steady-state per capita consumption. This was found in an application of the neoclassical growth theory to the problem of optimal investment in infrastructure. A simple computational model and recent estimates of the elasticity of the aggregate output are used to estimate the increase in per capita consumption that would be realized from increasing the rate of investment in infrastructure in the US to the optimal rate.

Analysis, Infrastructure (Economics), Investments, Neoclassical economics

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Testing the long-run implications of the neoclassical stochastic growth model: a panel-based unit root investigation for West German Lander, 1970-1994

Article Abstract:

The neoclassical stochastic growth model was tested to verify the results of previous studies that reject its long-run implications. Annual data compiled from 1970-1994 from 11 West German Lander was subjected to panel-based tests. In addition, activities of the public sector were considered as factors that affect long-run effects. The results of the tests were consistent with earlier studies that do not favor the neoclassical stochastic growth model.

Econometrics & Model Building, Evaluation, Stochastic analysis, Econometrics, Growth, Growth (Physiology), Public sector, Business models

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Production and production functions: some implications of a refinement to process analysis

Article Abstract:

The production processes of the US steel industry during the 20th century are examined.

United States, Iron and Steel Mills, Manufacturing processes, Blast furnaces and steel mills, Intermediate Steel Products, Industry Overview, Case studies, Production processes, Steel industry, Task analysis

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