The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Public Capital

  • David A. Aschauer
Reference work entry


This article reviews recent research emphasizing the potential importance of public capital (or infrastructure) to aggregate economic performance, and provides a survey of empirical estimates of the productivity of public capital and of the impact of public capital investment on economic growth.


Cobb–Douglas functions Endogenous growth Long-term economic growth Neoclassical growth theory Output elasticity of public capital Productivity growth Public capital Public finance Returns to public capital Total factor productivity 

JEL Classifications

H0 E21 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • David A. Aschauer
    • 1
  1. 1.