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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 Innovation

Public Capital and Innovation

(p.111) 4 Public Capital and Innovation
Public Capital, Growth and Welfare

Pierre-Richard Agénor

Princeton University Press

This chapter extends the Allais–Samuelson Overlapping Generations models presented in chapters 1 and 2 to study interactions between infrastructure and human capital with R&D activities and growth. It begins by providing some background evidence on these interactions. The model is then presented and solved, and the impact of public policy, including potential trade-offs associated with the provision of infrastructure and other services by the government, is discussed. Again, this is a critical issue; if governments have access to limited resources to cover their expenditure, different types of government interventions may entail (temporary or permanent) trade-offs at the macroeconomic level—even though at the microeconomic or sectoral level these interventions are largely complementary. In addition, different types of government intervention may generate spillover effects on other sectors, which may have an indirect impact on innovation capacity.

Keywords:   Allais–Samuelson Overlapping Generations, infrastructure, human capital, R&D activity, economic growth, public policy, public capital

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