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A theory of infrastructure-led development

机译：基础设施主导的发展理论

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This paper proposes a theory of long-run development based on public infrastructure as the engine of growth. The government, in addition to investing in infrastructure, spends on health services, which in turn raise labor productivity and lower the rate of time preference. Infrastructure affects the production of both commodities and health services. As a result of network effects, the degree of efficiency of infrastructure is nonlinearly related to the stock of public capital itself. Provided that governance is adequate enough to ensure a sufficient degree of efficiency of public investment, an increase in the share of spending on infrastructure (financed by a cut in unproductive expenditure or foreign grants) may facilitate the shift from a low growth equilibrium, characterized by low productivity and low savings, to a high growth steady state.
机译：本文提出了一种以公共基础设施为增长引擎的长期发展理论。政府除了在基础设施上进行投资外，还花费在卫生服务上，这反过来又提高了劳动生产率并降低了对时间的偏爱率。基础设施影响商品和卫生服务的生产。由于网络效应，基础设施的效率程度与公共资本本身的存量呈非线性关系。只要治理足以确保足够的公共投资效率，基础设施支出份额的增加（由削减非生产性支出或外国赠款提供资金）就可以促进从低增长均衡的转变，其特征是低生产率和低储蓄，从而达到高增长的稳定状态。

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