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The social rate of return to investment

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  • Dr Garry Young

Abstract

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.

Suggested Citation

  • Dr Garry Young, 1996. "The social rate of return to investment," National Institute of Economic and Social Research (NIESR) Discussion Papers 93, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:93
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    Cited by:

    1. Aleksejs Melihovs & Gundars Davidsons, 2006. "The Role of Production Progress and Human Capital in the Economic Growth of Latvia," Working Papers 2006/03, Latvijas Banka.
    2. Krasnopjorovs, Olegs, 2013. "Latvijas ekonomikas izaugsmi noteicošie faktori [Factors of Economic Growth in Latvia]," MPRA Paper 47550, University Library of Munich, Germany.

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