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In the contemporary epoch, the construction of socialism with Chinese characteristics necessitates a new era of public capital. Within the practical framework of the market economy tailored to socialism with Chinese characteristics, this type of public capital embodies the notion of shared development and addresses the aspirations of an era striving for widespread prosperity. Before such public capital can be implemented as a practical solution, theoretical discussions regarding its viability and rationale as a pragmatic approach are essential. Public capital in the new era distinctly deviates from the capital found in capitalist societies – it does not propagate merely to increase but does so to advance societal public interests. There exists an inherent tension between the form of capital and public interest within this new era public capital, highlighting questions about its potentiality. To address this, the paper introduces a novel conceptualization of the relationship between humans and capital, termed 'dead capital.' If public capital in the new era can manifest in the form of 'dead capital,' its operational logic would dictate that capital's self-augmentation serves the ultimate purpose of enhancing the public good. Public capital in the new era must exist as 'dead capital' to resolve its internal tensions effectively and foster the social development of socialism with Chinese characteristics by promoting societal public interests. [ABSTRACT FROM AUTHOR]

In the EU member countries that obey the rule of law principle, the legislative work of the parliament supports the market economy by producing public capital. In many cases, legislation is connected to public investment projects, and sometimes also to socially important private projects. Both include public benefits and costs, but also public risks. Moreover, as the public commitment to major private undertakings may preclude both immaterial and material contributions, there is a noteworthy threat that an accidental actualization of the remainder risk caused by some unforeseen incident would fall heavily on the taxpayers. This paper constructs a club theoretic model for the analysis of representative democracy. In the model, the public commitment to a private project is decided by the simple majority voting rule in the parliament. The analysis shows that strict assessment of the remainder risk may halt the whole undertaking implying that the promised social benefits are also lost. As a solution, we propose a constitutional Investment Fund, which would launch short-maturity public bonds to citizens and pension funds, earmarked to the material part of the public commitment to private projects. The system could partly privatize the public remainder risk so that only the immaterial part remains to common taxpayers thus increasing the probability of a majority vote for the project. At the same time, the government would get equity finance for its investments, and the citizens and pension funds would hold securities with tangible net asset value. The system should increase precision in public debt and risk management and bring democracy, public governance, and the market economy closer to each other.

This study examines the long-run interplay between public capital, economic growth, and energy consumption (renewable and non-renewable) across 48 countries over the period 1981 to 2019. Based on the PMG-ARDL approach, we contribute dual insights. First, a 1% increase in public capital boosts income growth by 0.34% and raises renewable and fossil-based energy consumption by 0.46% and 0.23%, respectively, highlighting the potential of public investments to facilitate a shift towards more sustainable energy usage; and a 1% rise in renewable energy use leads to a 0.39% decrease in fossil-based energy. Second, heterogenous panel causality tests indicate bidirectional causality between public capital and output, private capital, and employment. Importantly, income influences both forms of energy consumption, but the reverse is not statistically significant. These empirics underscore the significant role of public infrastructure investments in promoting economic development and steering the energy sector towards sustainability, offering vital policy insights for accelerating the transition to a low-carbon economy, thereby supporting the achievement of SDGs 7, 8, 9, and 13. [ABSTRACT FROM AUTHOR]

We present an open economy growth model incorporating various elements of fiscal policy, including government expenditure on education and public capital (infrastructure), budget deficit, internal and external public debt, public consumption, and four tax rates. This detailed description of fiscal policy allows for a systematic study of the relationship between fiscal policy and economic growth. We derive the balanced growth path and analyze its properties, including existence, uniqueness, and stability. The theoretical results are supported by numerical simulations for Poland, with the model calibrated based on data from the years 2010 to 2019. In the baseline scenario, the GDP growth rate converges to 3.98%. However, through appropriate adjustments to fiscal policy, economic growth can be significantly accelerated. Notably, increasing spending on both education and public infrastructure proves to be the most effective way to permanently boost economic growth, even if it requires raising taxes on consumption or increasing public debt. [ABSTRACT FROM AUTHOR]

Copyright of International Economics / Economia Internazionale is the property of Camera di Commercio di Genova and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In the EU member countries that obey the rule of law principle, the legislative work of the parliament supports the market economy by producing public capital. In many cases, legislation is connected to public investment projects, and sometimes also to socially important private projects. Both include public benefits and costs, but also public risks. Moreover, as the public commitment to major private undertakings may preclude both immaterial and material contributions, there is a noteworthy threat that an accidental actualization of the remainder risk caused by some unforeseen incident would fall heavily on the taxpayers. This paper constructs a club theoretic model for the analysis of representative democracy. In the model, the public commitment to a private project is decided by the simple majority voting rule in the parliament. The analysis shows that strict assessment of the remainder risk may halt the whole undertaking implying that the promised social benefits are also lost. As a solution, we propose a constitutional Investment Fund, which would launch short-maturity public bonds to citizens and pension funds, earmarked to the material part of the public commitment to private projects. The system could partly privatize the public remainder risk so that only the immaterial part remains to common taxpayers thus increasing the probability of a majority vote for the project. At the same time, the government would get equity finance for its investments, and the citizens and pension funds would hold securities with tangible net asset value. The system should increase precision in public debt and risk management and bring democracy, public governance, and the market economy closer to each other. [ABSTRACT FROM AUTHOR]

Only by adhering to the scientific concept of capital as explained by Marx in Capital, and by drawing a clear line between the two different views of capital based on materialist and idealist conceptions of history, can we understand the phenomenon of capital in the real economy of contemporary China. In the real economy of developing commodity production, public and private capital share some common features, but there are differences in their nature. The misunderstanding, created by Western bourgeois economics, of the relationship between public and private capital harms efforts to achieve a scientific regulation of the healthy development of various types of capital, and needs to be clarified. Where the practical work of regulating and guiding the healthy development of capital is concerned, great importance should be attached to restoring and guaranteeing the dominant position of public capital within social capital as a whole; to ensuring that state-owned capital effectively fulfills the dominant role; to strictly governing the otherwise disorderly development of private capital; to strengthening control over the quantity and quality of foreign capital introduced to the economy; and to keeping state-owned capital firmly in control of the national financial system. [ABSTRACT FROM AUTHOR]

This research contributes to the ongoing discourse concerning the efficiency of public capital and its influence on the productivity of private capital and total factor productivity within African economies. Employing the standard production approach, we include public capital as a distinct input to assess its specific impact on output growth and the enhancement of total factor productivity. We argue that public capital, predominantly manifesting through infrastructure, constitutes an indispensable element for fostering growth. Fundamental to the productivity of private capital is its reliance on a sufficient stock of public infrastructure for operational efficiency. Our empirical analysis reveals that public capital exhibits a substantive long-term influence on output growth and the productivity of private capital. However, in the short term, the discernible impact of public capital is less pronounced. Moreover, while public capital emerges as a noticeable factor in output growth, its influence on total factor productivity remains relatively subdued. [ABSTRACT FROM AUTHOR]

The paper seeks to understand the pattern of manufacturing exports in 35 developed and developing countries and 99 industrial sectors over the period 1999-2013 using a methodological approach that relies on propositions of the neoclassical trade theory. Next to the impact of traditional factors such as the endowment of public capital, we look at the importance of accounting for public capital heterogeneity, by distinguishing countries based on their proximity to the technology frontier. We consider public capital as a non-rival factor, which has a property of "creation of atmosphere" in a model that treats factor intensity as a mechanism of industrial development. We use the system GMM technique to estimate the elasticities of public capital. Our results show that public capital plays a differentiated role in the capacity to export industrial goods depending on whether countries are far or close to the technological frontier. [ABSTRACT FROM AUTHOR]

This research contributes to the ongoing discourse concerning the efficiency of public capital and its influence on the productivity of private capital and total factor productivity within African economies. Employing the standard production approach, we include public capital as a distinct input to assess its specific impact on output growth and the enhancement of total factor productivity. We argue that public capital, predominantly manifesting through infrastructure, constitutes an indispensable element for fostering growth. Fundamental to the productivity of private capital is its reliance on a sufficient stock of public infrastructure for operational efficiency. Our empirical analysis reveals that public capital exhibits a substantive long-term influence on output growth and the productivity of private capital. However, in the short term, the discernible impact of public capital is less pronounced. Moreover, while public capital emerges as a noticeable factor in output growth, its influence on total factor productivity remains relatively subdued.

Public capital is an important force for promoting industrial agglomeration and enterprise technological innovation, and enterprise technological innovation is the core element in promoting green economic growth. To further reveal the influence mechanism of public capital on enterprise technological innovation, based on the data of A-share listed companies in China from 2007 to 2020, this paper uses the nonlinear moderating effect model and the intermediating effect model to verify the nonlinear influence and transmission mechanism of public capital on enterprise technological innovation. This paper discusses the influence and mechanism of public capital on enterprise innovation from the perspective of industrial agglomeration. The study finds that public capital has a significant role in promoting enterprise technological innovation. Moreover, economic public capital plays a greater role in promoting enterprise technological innovation than social public capital. Further analysis shows that the innovation effect of public capital is nonlinearly regulated by industrial agglomeration. In the initial stage of industrial agglomeration, the higher the degree of industrial agglomeration, the weaker the innovation effect of public capital; however, in the advanced stage of industrial agglomeration, the higher the degree of industrial agglomeration, the stronger the innovation effect of public capital. The nonlinear effect is realized by affecting the profits of enterprises. From enterprise heterogeneity, public capital has a significant role in promoting the technological innovation of non-state-owned enterprises but has no significant impact on the technological innovation of state-owned enterprises; public capital has a significant positive effect on the technological innovation of mid- and high-end technology enterprises, while its impact on the technological innovation of low-end technology enterprises is not significant. From the type of innovation output, public capital has a significant role in promoting enterprise green technology innovation, and the role of public capital in promoting enterprise green invention patents is greater than that of green utility model patents. This study provides a theoretical basis for government public capital investment decisions and empirical evidence for the sustainable development of enterprise technological innovation. [ABSTRACT FROM AUTHOR]

Using annual time series data covering the period 1981 to 2017, this paper investigates the relationship between public capital investment and economic growth in Nigeria using the General to Specific (GETS) approach. The empirical findings reveal that public capital and labour force have a detrimental impact on economic growth. The study also discovered that private capital and growth are positively related. The Granger causality tests, on the other hand, unveil that both bidirectional and unidirectional causal linkages. As a result, these findings suggest that infrastructure development should be emphasized through public-private partnerships and a favourable investment climate to stimulate private sector investment to sustain long-term economic growth should be improved.

Copyright of Roa Iktissadia Review is the property of Roa Iktissadia Review and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

• Public investment financed by higher capital taxes can reduce wealth inequality. • This is true when the substitution elasticity between capital and labor is sizeable. • We calibrate our model to OECD economies and find a threshold elasticity of 0.82. Wealth inequality is rising in high-income countries. Can increased public investment financed by higher capital taxes counteract this trend? We examine how such a policy affects the distribution of wealth in a setting with distinct wealth groups: dynastic savers and life-cycle savers. Our main finding is that this policy always decreases wealth inequality when the elasticity of substitution between capital and labor is moderately high. At high capital tax rates, dynastic savers disappear. Below these rates, life-cycle savers gain from the higher public expenditures financed by the higher capital tax rates. We calibrate our model to OECD economies and find a threshold elasticity of 0.82. [ABSTRACT FROM AUTHOR]

Public capital plays a key role in national economic production in developing countries, and it has become the focus of factor reform in China. This paper aims at studying the dynamic characteristics of China's public capital and the return rate. To this end, this paper inventories the public capital stock from 1978 to 2017; constructs a two-sector model to derive the necessary condition for optimal investment related to the return rate, and empirically tests it; estimates the output shares of the two sectors and calculates the rate of return to capital; and illustrates the dynamic evolution of public capital and the return rate from the time and regional dimensions. The study shows that, first, public capital has grown significantly. The portion of public capital held in the form of state-holding is increasing year by year. However, the proportion of public capital to total capital has decreased from 81% to 35%. Second, the growth of public capital has effectively balanced the gap of capital between regions. Third, the rate of return to capital has been decreasing, with two sectors' return rates having converged in 1981 and in 2010–2013. This paper measures the stock of public capital and its return rate, which is beneficial for formulating the policy of public capital in economic production and distribution, as well as exploring the path to achieving common prosperity. [ABSTRACT FROM AUTHOR]

Copyright of Science Technology & Industry / Keji he Chanye is the property of Chinese Society of Technology Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of this study is to present a stability in a two-dimensional dynamical system of endogenous growth with public capital. We assume the simple model of the economic growth, in which both private and public capital can influence on the rate of growth of knowledge. The public capital is rival but non excludable goods, i.e. there is a congestion in use of public capital. The model of growth is formulated as a two-dimensional dynamical system. Using mathematical methods of dynamical systems, we analyze growth paths as well as the stationary states of the system and their stability.

This research examines how modern poets use various creative media strategies as a means of promotion of their poetry as well as personal brands in the Internet and beyond. Promotional actions in their various forms used by XXI century Russian poets allow one to achieve new results both in offline and online events, so a cross-platform effect is at work here. The discourse analysis method, the content analysis method and the participant observation method were used to obtain analytical data. Such actions of art PR as gamification, hype, charity event, closed fan club and many others can increase the public capital of a modern poet through the interactive involvement of a potential reader.. The work is of practical importance for poets of the 21st century who want to increase the level of recognition of their personal brand and achieve higher quantitative and qualitative indicators of their target audience.

Copyright of Içtimaiyat is the property of Ictimaiyat and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We describe and numerically simulate the aggregate and distributional properties of an endogenous growth model with an infrastructure externality which is subject to relative congestion. We show that the congested externality induces higher growth, greater inequality, labor/leisure trade-off ambiguities and an ineffective capital income tax for the government to achieve long-term redistribution goals. We demonstrate the economic implications of congestions in production and consumption externalities on the public to private capital ratio, growth and income distribution. Finally, we discuss alternative tax options for promoting inclusive growth. [ABSTRACT FROM AUTHOR]

The aim of this study is to present a stability in a two-dimensional dynamical system of endogenous growth with public capital. We assume the simple model of the economic growth, in which both private and public capital can influence on the rate of growth of knowledge. The public capital is rival but non excludable goods, i.e. there is a congestion in use of public capital. The model of growth is formulated as a two-dimensional dynamical system. Using mathematical methods of dynamical systems, we analyze growth paths as well as the stationary states of the system and their stability. [ABSTRACT FROM AUTHOR]

Copyright of Economic Science / Jingji Kexue is the property of Economic Science Editorial Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper examines the balanced-growth-maximizing public investment policy in a growth model where the engines of economic growth are private R&D and public capital accumulation. The government allocates tax revenue between new investment and maintenance expenditure for public capital. We consider how the balanced-growth-maximizing public investment policy changes as patent protection becomes stronger, as has been done in many countries. The results show that as patent protection becomes stronger, the income tax rate to finance public investment should be lower and the expenditure share of new investment should be higher. The balanced-growth-maximizing public investment policy leads to a smaller government as patent protection becomes stronger. This paper also shows that the balanced-growth-maximizing public investment policy is equivalent to the welfare-maximizing public investment policy along the balanced growth path. We also characterize both the growth-maximizing and welfare-maximizing combination of public investment policy and patent policy along the balanced growth path. [ABSTRACT FROM AUTHOR]

Whereas a large variety of previous studies show mixed results regarding the relationship between public investment and economic outcome, several studies have been conducted on related issues in Korea. The present study deals with the effect of public investment in Korea on economic growth and productivity. Using administrative data, it exploits three different methodologies: the total factor productivity approach, production function approach, and stochastic frontier production function approach. The results of this study show that public investment has a statistically significant effect on economic growth. However, it contributes little to enhance productivity. It is explained that there exists inefficiency of production in the Korean economy. These findings indicate that public investment has played a central role in the direct input factor and not in indirect role in Korea. Thus, it is necessary for public investment policies to concentrate on enhancing the efficiency of the Korean economy.

The article considers the infrastructure capital relating to the regional economy as a tool for economic development and proposes the authors’ approach to its definition and classification. The indicators of the subjects of the Ural economic region in the period from 2005 to 2015, collected by Federal State Statistics Service of Russian Federation, serve as the initial data. The purposes of the study are to compare the calculated (the optimal in a model) and actual values of infrastructure capital in the structure of the region’s economy, which the authors divide into manufacturing and infrastructure sectors; and to assess its impact on the gross output of the manufacturing industries. The authors put forward the following hypothesis: the infrastructure input as a factor of production function has a positive and significant impact on the value of the gross output of the sector. The methodology of the study is represented by the econometric assessment of the elasticities of the outputs of sectors of the economy, described by Cobb-Douglas production functions, as well as by the theoretical calculation of the capital’s ratios in the region’s economy. The results confirm the importance of infrastructure input in the formation of the gross output of the Ural economic region. The comparison of the calculated and actual capital allocation ratios along with other indicators suggests the scarcity of capital in both sectors of the regional economy. This fact can be a signal to the regional authorities for rethinking the infrastructure development programs. The authors consider the case of the closed economy, therefore, further research should be concentrated on the open economy with a larger number of regions and other econometric tools.