Journal Article

Transport infrastructure investment: implications for growth and productivity

Nicholas Crafts

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 25, issue 3, pages 327-343
Published in print January 2009 | ISSN: 0266-903X
Published online January 2009 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/grp021
Transport infrastructure investment: implications for growth and productivity

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  • Economic Development and Growth
  • Public Economics
  • Political Economy
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Theory and evidence on the effects of public investment on growth and productivity are reviewed. It is concluded that, on average, public capital has positive impacts on output and private investment, partly offset by the effects of the taxation needed to finance it. A possible future shortfall in public capital in the UK is highlighted. The paper also reviews the contribution of transport infrastructure to productivity and considers implications for cost–benefit analysis. It is suggested that there is a case for greater UK investment in roads but, ideally, this should be implemented along with an efficient national road-pricing scheme.

Keywords: economic growth; public capital; road pricing; transport infrastructure; wider economic benefits; H54; O49; R41

Journal Article.  7698 words.  Illustrated.

Subjects: Economic Development and Growth ; Public Economics ; Political Economy ; Public Policy

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