In this paper we develop an accounting framework for the state and local sector which is consistent with the accounting framework for the private sector of the economy. We show that the public sector capital stock generates an imputed return which takes the form of a reduction in local taxes and...

In this paper we develop an accounting framework for the state and local sector which is consistent with the accounting framework for the private sector of the economy. We show that the public sector capital stock generates an imputed return which takes the form of a reduction in local taxes and...

Several explanations can be offered for the unbalanced growth of U.S. regional manufacturing industries in the decades after World War II. The convergence hypothesis suggests that the success of the South in catching up to the Northeast and Midwest should be understood by analogy with the...

In this paper we develop an accounting framework for the state and local sector which is consistent with the accounting framework for the private sector of the economy. We show that the public sector capital stock generates an imputed return which takes the form of a reduction in local taxes and...

Examines the four arguments for more public investments in infrastructure spending: shortsighted government policies allowed infrastructure spending to fall sharply and the nation's roads and bridges to deteriorate; lower infrastructure spending in the past was a key reason the economy performed...

Argues that if we wish to have a comprehensive income tax, and if the Tiebout model is a reasonable approximation of the structure of local government, then the implicit income from the local public capital stock must be included in the tax base