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In this paper we examine the effects of the services provided by public infrastructure on the cost structure, private input demands, and productivity performance of twenty two-digit Greek manufacturing industries. The model of the paper is the dual cost function. Although the effects of public infrastructure varies across different industries our results provide evidence in favour of a productive public infrastructure. In addition, public infrastructure is found to be complement to private capital stock and substitute to labour. Specifically, the cost-saving impact of public infrastructure ranges from 0.02 percent in food manufacturing industry to 0.78 percent in wood and cork. Moreover, empirical evidence is provided in favour of the argument that the productivity growth of the majority of the twenty Greek manufacturing industries has been depressed by the observed shortage in public infrastructure in the eighties.
This paper estimates the impact of public capital on economic growth for forty-eight OECD and non-OECD countries during 1960 - 2001. Using the production function and its extensions, it finds a positive - but concave - elasticity of output with respect to public capital, which is robust to changes in time intervals and varying depreciation rates. Furthermore, in non-OECD countries the growth impact of public capital is higher once longer time intervals are considered.
Drawing on political economy and economic pluralism, this book explores issues in sustainable economic development from a macro perspective. In contrast to the vast majority of studies on contemporary development problems, which are focused on micro-level theory, method, and policy, this volume brings together both heterodox and mainstream perspectives. The international cast of contributors thus brings a pluralistic approach to core contemporary topics including digital transformation, climate change, degrowth and the effects of the pandemic crisis. Methods range from frameworks used to analyse public policy and institutional change, to modes of analyses including historically grounded narratives and conceptualisations of grand theories. Each chapter surveys the origins, development, key features, applications, and frontiers of a particular viewpoint, framework, or mode of analysis. This book makes a vital contribution to the literature on economic development, sustainable development, capitalism, and sustainability more broadly.
Structural Funds: Growth, Employment and the Environment is a book on the role of transfers designed for assisting sustainable development of less developed regions within the European Union. The book places special emphasis on the future path of the Greek economy and discusses likely outcomes -related directly to the impact of these transfers- in: Growth and macroeconomic convergence Employment in key sectors of the economy Energy demand and its environmental aspect The book uses macroeconomic modelling and modern applied econometric techniques to analyze these issues, thus offering a coherent methodological framework for their presentation. To this extent, Structural Funds: Growth, Employment and the Environment can serve to: Academic researchers and economists in recipient countries who can gain a better understanding of how national authorities can best design and implement the strategic allocation and utilization of these funds to maximize the benefits for the domestic economy Policymakers in the European Union by offering a sound and rigorously elaborated treatment which can be applied as an estimation and comparison tool for the effects of Structural Funds both at the national and the international level Economists in Eastern European countries which are at the pre-accession stage and will be eligible for this type of transfers in the near future.
This book makes a unique contribution in advancing understanding of the fiscal condition and growth potential of the New Member States of the European Union. It provides new data, policy evaluation, and offers national and regional perspectives. The core research questions are the effect of public investment in the context of macroeconomic disequilibrium and how it is possible to finance capital accumulation in the present and future conditions of mounting public sector debt. The contributors reveal that there is now a convincing case for public investment as an essential driver of convergence and growth in Europe. However, a new international and inter-generational fiscal pact to frame a more optimistic view of the role of government is needed. This book explores how public investment matters for growth, how fiscal conditions may support investment, and the role EU regional policy can have in terms of structural change and investment needs. Public Investment, Growth and Fiscal Constraints provides new data analyses on the EU New Member States in Central and Eastern Europe making it an essential tool for academics, students and practitioners interested in public finance and European Economics. The structural and public finance issues in these former transition economies raised in this book will also strongly appeal to policymakers, officials and consultants. The book is based on an independent research project of the University of Milan, supported by the European Investment Bank.
Modeling Economic Growth in Contemporary Greece assesses the conditions shaping the Greek economy's restart, discussing the effect of institutions on the business environment and highlighting the factors which are critical for achieving sustainable economic growth.