Most macroeconomic models assume that aggregate output is generated by a specification for the production function with total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect substitutes. In this paper we test this assumption by...

Pierre-Paul Riquet build the Royal waterway of Languedoc (France) at the 17th century, waterway became then the Canal du Midi. In its time, it was the most significant European project. Inspired by other models of waterways built since Antiquity, it was used as model or example with much of...

A growth model is presented in which productive government expenditure takes the form of a stock. Private and public capital interact with each other in two ways. The first is related to the specification of the aggregate production function (Cobb-Douglas vs. CES). The second has to do with the...

Only by adhering to the scientific concept of capital as explained by Marx in Capital , and by drawing a clear line between the two different views of capital based on materialist and idealist conceptions of history, can we understand the phenomenon of capital in the real economy of contemporary...

This paper intends firstly to estimate tourism productivity in 208 countries in the years 1990, 1995, 2000 and 2004. Secondly, it analyzes if the differential of productivity across countries could be due to some structural characteristics of the countries themselves. The study uses a stochastic...