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The social rate of return to investment

Oulton, N.; Young, G.; (1996) The social rate of return to investment. (NIESR Discussion Papers 93). National Institute of Economic and Social Research (NIESR): London, UK.

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Does the social rate of return to physical investment exceed the private rate to an economically significant extent? In particular, is the return to investment in plant and machinery very high? This question is addressed by estimating a number of different models employing cross-section, time series and panel methods on data from the Penn World Table. The balance of the evidence suggests the answer to these two questions is no, particularly for the currently rich countries. The estimated elasticity of output with respect to capital seems roughly equal to capital's share and the estimated social rate of return is in line with estimates of the private rate.

Type: Working / discussion paper
Title: The social rate of return to investment
Publisher version: http://www.niesr.ac.uk/pubs/searchdetail.php?Publi...
Language: English
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/18056
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