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Public And Private Inputs In Aggregate Production And Growth: A Cross-Country Efficiency Approach

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Executive Summary

In a cross section of OECD countries the authors replace the macroeconomic production function by a production possibility frontier, TFP being the composite effect of efficiency scores and possibility frontier changes. They consider, for the periods 1970, 1980, 1990, 2000, one output: GDP per worker; three inputs: human capital, public physical capital per worker and private physical capital per worker. They use a semi-parametric analysis, computing Malmquist productivity indexes, and they also resort to stochastic frontier analysis. Results show that private capital is important for growth, although public and human capital also contribute positively.

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