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Public intangibles: the public sector and economic growth in the SNA

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Title: Public intangibles: the public sector and economic growth in the SNA
Authors: Corrado, C
Haskel, J
Jona-Lasinio, C
Item Type: Journal Article
Abstract: This paper sets out a framework for analyzing the impact of public investments on industry- level productivity and economic growth. The concept of capital in the public sector is broad- ened from that which is mostly tangible (e.g., physical infrastructure) to that which also includes intangibles and long-lasting societal assets. For the analysis of public investments, we find that in addition to expanding the asset boundary, national accounts also need to: (a) impute a net return to government and other nonmarket capital—or provide industry-level data by institutional sector of origin, allowing researchers to do so; (b) include all public payments to industry in industry-level gross operating surplus (i.e., all subsidies, production and product, and the annuity value of investment grants); and (c) provide crosswalks for key components of government expenditure by function of government (e.g., public funds for extramural R&D or worker training) to kind-of-activity classifications used for industries.
Issue Date: 29-Nov-2017
Date of Acceptance: 19-Jan-2017
URI: http://hdl.handle.net/10044/1/44163
DOI: https://dx.doi.org/10.1111/roiw.12325
ISSN: 1475-4991
Publisher: Wiley
Start Page: s355
End Page: s380
Journal / Book Title: Review of Income and Wealth
Volume: 63
Issue: s2
Copyright Statement: This is the peer reviewed version of the following article: Corrado, C., Haskel, J. and Jona-Lasinio, C. (2017), Public Intangibles: The Public Sector and Economic Growth in the SNA. Review of Income and Wealth, 63: S355–S380., which has been published in final form at https://dx.doi.org/10.1111/roiw.12325.  This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.
Sponsor/Funder: Commission of the European Communities
Funder's Grant Number: 612774
Keywords: Social Sciences
Economics
Business & Economics
Economic growth
Intangible capital
National accounts
Non-market sector
Public sector
Public goods
INVESTMENT
1401 Economic Theory
1402 Applied Economics
Publication Status: Published
Appears in Collections:Imperial College Business School