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Public Capital, Growth and WelfareAnalytical Foundations for Public Policy$
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Pierre-Richard Agénor

Print publication date: 2012

Print ISBN-13: 9780691155807

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691155807.001.0001

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Public Capital and Education

Public Capital and Education

(p.49) 2 Public Capital and Education
Public Capital, Growth and Welfare

Pierre-Richard Agénor

Princeton University Press

This chapter focuses on the links among public capital, knowledge accumulation, and economic growth. It emphasizes the view, in line with the empirical evidence, that knowledge accumulation may depend critically on access to public capital. It also considers the possibility of a trade-off between public spending on education and investment in infrastructure. The point is that even though these expenditure components may be strongly complementary at the microeconomic or sectoral level, they may be substitutes at the macroeconomic level due to a financing constraint. The question that arises, then, is how to allocate optimally (limited) resources among alternative uses. It is addressed by assuming, as discussed earlier, that the government's goal is to maximize growth.

Keywords:   public capital, knowledge accumulation, economic growth, public spending, education, infrastructure

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