How high is the social rate of return to investment?
利用宾大世界表数据，通过多种计量方法估计实物投资的社会回报率，发现其与私人回报率大致相当，尤其对富裕国家而言，社会回报率并不显著更高。
Does the social rate of return to physical investment exceed the private rate to an economically significant extent? In particular, is the return to investment in plant and machinery very high? We address this question by estimating a number of different models employing cross-section, time series and panel methods on data from the Penn World Table. The balance of the evidence suggests the answer to these two questions is no, particularly for the currently rich countries. The estimated elasticity of output with respect to capital seems roughly equal to capital's share and the estimated social rate of return is in line with estimates of the private rate. Copyright 1996 by Oxford University Press.