The Tyranny Of Concepts Cudie Cumulated Depreciated Investment Effort Is Not Captial
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The Tyranny Of Concepts Cudie Cumulated Depreciated Investment Effort Is Not Captial
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Author : Lant Pritchett
language : en
Publisher: World Bank Publications
Release Date : 1999
The Tyranny Of Concepts Cudie Cumulated Depreciated Investment Effort Is Not Captial written by Lant Pritchett and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Capital categories.
May 2000 - Using the word capital to represent two different concepts is not such a problem when government is responsible for only a small fraction of national investment and is reasonably effective (as in the United States). But when government is a major investor and is ineffective, the gap between capital and cumulative, depreciated investment effort (CUDIE) may be enormous. A public sector steel mill may absorb billions as an investment, but if it cannot produce steel it has zero value as capital. The cost of public investment is not the value of public capital. Unlike for private investors, there is no remotely plausible behavioral model of the government as investor that suggests that every dollar the public sector spends as investment creates capital in an economic sense. This seemingly obvious point has so far been uniformly ignored in the voluminous empirical literature on economic growth, which uses, at best, cumulated, depreciated investment effort (CUDIE) to estimate capital stocks. But in developing countries especially, the difference between investment cumulated at cost and capital value is of primary empirical importance: government investment is half or more of total investment. And perhaps as much as half or more of government investment spending has not created equivalent capital. This suggests that nearly everything empirical written in three broad areas is misguided. First, none of the estimates of the impact of public spending identify the productivity of public capital. Even where public capital could be very productive, regressions and evaluations may suggest that public investment spending has little impact. Second, everything currently said about total factor productivity in developing countries is deeply suspect, as there is no way empirically to distinguish between low output (or growth) attributable to investments that created no factors and low output (or growth) attributable to low (or slow growth in) productivity in using accumulated factors. Third, multivariate growth regressions to date have not, in fact, controlled for the growth of capital stock, so spurious interpretations have emerged. This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to understand the importance of public sector actions for economic growth.
The Tyranny Of Concepts
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Author : Lant Pritchett
language : en
Publisher:
Release Date : 2016
The Tyranny Of Concepts written by Lant Pritchett and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Using the word capital to represent two different concepts is not such a problem when government is responsible for only a small fraction of national investment and is reasonably effective (as in the United States). But when government is a major investor and is ineffective, the gap between capital and cumulative, depreciated investment effort (CUDIE) may be enormous. A public sector steel mill may absorb billions as an investment, but if it cannot produce steel it has zero value as capital. The cost of public investment is not the value of public capital. Unlike for private investors, there is no remotely plausible behavioral model of the government as investor that suggests that every dollar the public sector spends as investment creates capital in an economic sense. This seemingly obvious point has so far been uniformly ignored in the voluminous empirical literature on economic growth, which uses, at best, cumulated, depreciated investment effort (CUDIE) to estimate capital stocks.But in developing countries especially, the difference between investment cumulated at cost and capital value is of primary empirical importance: government investment is half or more of total investment. And perhaps as much as half or more of government investment spending has not created equivalent capital. This suggests that nearly everything empirical written in three broad areas is misguided.First, none of the estimates of the impact of public spending identify the productivity of public capital. Even where public capital could be very productive, regressions and evaluations may suggest that public investment spending has little impact.Second, everything currently said about total factor productivity in developing countries is deeply suspect, as there is no way empirically to distinguish between low output (or growth) attributable to investments that created no factors and low output (or growth) attributable to low (or slow growth in) productivity in using accumulated factors.Third, multivariate growth regressions to date have not, in fact, controlled for the growth of capital stock, so spurious interpretations have emerged.This paper - a product of Poverty and Human Resources, Development Research Group - is part of a larger effort in the group to understand the importance of public sector actions for economic growth.
Time To Act
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Author : Mark Roberts
language : en
Publisher: World Bank Publications
Release Date : 2019-10-03
Time To Act written by Mark Roberts and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-03 with Business & Economics categories.
Indonesia has urbanized rapidly since its independence in 1945, profoundly changing its economic geography and giving rise to a diverse array of urban places. These places range from the bustling metropolis of Jakarta to rapidly emerging urban centers in hitherto largely rural parts of the country. Although urbanization has produced considerable benefits for many Indonesians, its potential has only been partially realized. Time to ACT: Realizing Indonesia’s Urban Potential explores the extent to which urbanization in Indonesia has delivered in terms of prosperity, inclusiveness, and livability. The report takes a broad view of urbanization’s performance in these three key areas, covering both the monetary and nonmonetary aspects of welfare. It analyzes the fundamental reforms that can help the country to more fully achieve widespread and sustainable benefits, and it introduces a new policy framework—the ACT framework—to guide policy making. This framework emphasizes the three policy principles of Augment, Connect, and Target: • Augment the provision and quality of infrastructure and basic services across urban and rural locations • Connect places and people to jobs and opportunities and services • Target lagging areas and marginalized groups through well-designed place-based policies, as well as thoughtful urban planning and design. Using this framework, the report provides policy recommendations differentiated by four types of place that differ in both their economic characteristics and the challenges that they face— multidistrict metro areas, single-district metro areas, nonmetro urban areas, and nonmetro rural areas. In addition to its eight chapters, Time to ACT: Realizing Indonesia’s Urban Potential includes four spotlights on strengthening the disaster resilience of Indonesian cities, the nexus between urbanization and human capital, the “invisible†? crisis of wastewater management, and the potential for smart cities in Indonesia. If Indonesia continues to urbanize in line with global historical standards, more than 70 percent of its population will be living in towns and cities by the time the country celebrates the centenary of its independence in 2045. Accordingly, how Indonesia manages this continued expansion of its urban population—and the mounting congestion forces that expansion brings—will do much to determine whether the country reaches the upper rungs of the global ladder of prosperity, inclusiveness, and livability.
In Search Of Prosperity
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Author : Dani Rodrik
language : en
Publisher: Princeton University Press
Release Date : 2003-05-04
In Search Of Prosperity written by Dani Rodrik and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-05-04 with Business & Economics categories.
Publisher Description
Turkish Economic Association International Conference On Economics Ice Tea 2018
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Author : Ercan Uygur
language : en
Publisher: Türkiye Ekonomi Kurumu
Release Date : 2018-12-31
Turkish Economic Association International Conference On Economics Ice Tea 2018 written by Ercan Uygur and has been published by Türkiye Ekonomi Kurumu this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-31 with Business & Economics categories.
Economic Growth And Poverty Reduction In Sub Saharan Africa
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Author : Andrew D. McKay
language : en
Publisher: Oxford University Press, USA
Release Date : 2015
Economic Growth And Poverty Reduction In Sub Saharan Africa written by Andrew D. McKay and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Business & Economics categories.
Based on the results of a major collaborative research project led by the African Economics Research Consortium.
World Economic Outlook October 2014
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2014-10-07
World Economic Outlook October 2014 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-07 with Business & Economics categories.
The pace of recovery has disappointed in recent years, and downside risks have increased, including from heightened geopolitical tensions. These increased risks make it a priority to raise actual and potential growth. In a number of economies, an increase in public infrastructure investment can also provide support to demand and help boost potential output. And in advanced economies as well as emerging and developing economies there is a general, urgent need for structural reforms to strengthen growth potential or make growth more sustainable. The four individual chapters examine the overall global outlook, the prospects for individual countries and regions, the benefits of increased public infrastructure investment in terms of raising output, and the extent to which global imbalances have narrowed significantly since their peak in 2006.
The Macroeconomic Effects Of Natural Resource Extraction
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Author : Mr.Suman S Basu
language : en
Publisher: International Monetary Fund
Release Date : 2013-05-31
The Macroeconomic Effects Of Natural Resource Extraction written by Mr.Suman S Basu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-31 with Business & Economics categories.
To investigate the effects on Papua New Guinea’s economy of substantial liquified natural gas revenues arriving in 2015, we employ a model to examine the macroeconomic effects of a scalingup of natural resource windfall revenues and the implications for a variety of policy responses. The model is a multi-sector dynamic stochastic general equilibrium (DSGE) model, and features components that allow for a detailed study of the effects of both fiscal and monetary policy in response to a positive shock to the mineral resource value of a country. The model contains tradable, non-tradable, and mining sectors, as well as an independent central bank and fiscal authority. We calibrate the model to the current economy of Papua New Guinea and run a suite of policy simulations. We find that macroeconomic effects from a resource boom typically associated with Dutch Disease effects such as a real appreciation and a fall in tradable sector production stem largely from the non-tradable component of government spending. The central bank can offset the real appreciation, but not without crowding out the private sector. A sovereign wealth fund (SWF), combined with a smooth capital spending path, entails the best means of dealing with macroeconomic volatility and maintaining a stable fiscal regime.
C Te D Ivoire
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-13
C Te D Ivoire written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-13 with Business & Economics categories.
In April 2009, the Boards of Executive Directors of the International Development Association (IDA) and the International Monetary Fund (IMF) agreed that Côte d’Ivoire had met the requirements for reaching the decision point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. IDA and IMF staff are of the view that Côte d’Ivoire has made satisfactory progress in meeting the requirements to reach the completion point. IDA and IMF staff recommended that the Executive Directors of IDA and the IMF approve the completion point for Côte d’Ivoire under the Enhanced HIPC Initiative.
Tanzania At The Turn Of The Century
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Author : B. J. Ndulu
language : en
Publisher: World Bank Publications
Release Date : 2002-01-01
Tanzania At The Turn Of The Century written by B. J. Ndulu and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-01 with History categories.
This report identifies lessons from Tanzania's development experience over the past four decades, and assesses how a higher sustained growth and a better livelihood for its citizens in the future can be achieved. The background papers: review and evaluate the country's growth and poverty reduction performance; highlight the strategic and institutional imperatives needed for developing sustained growth and reducing poverty; and consider the development of the private sector and its increased role in the growth and modernisation of the Tanzanian economy.