PRODUCTIVE GOVERNMENT EXPENDITURE AND ECONOMIC GROWTH

Andreas Irmen · Johanna Kuehnel

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Fiscal Policy and Economic Growth Economic Growth and Productivity Global Health Care Issues

Abstract

Abstract We provide a comprehensive survey of the recent literature on the link between productive government expenditure and economic growth. We show that an understanding of the core results and the ensuing contributions can be gained from the study of their respective Euler equations. We argue that the existing literature incorporates many relevant aspects; however, policy recommendations tend to hinge on several knife‐edge assumptions. Therefore, future research ought to focus more on idea‐based endogenous growth models to check the robustness of policy recommendations. Moreover, the inclusion of hitherto unexplored types of government expenditure, e.g. on the ‘rule of law’, would be desirable.

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References

1986Increasing Returns and Long-Run Growth 1990Endogenous Technological Change 1989Endogenous Technological Change 1992A Model of Growth Through Creative Destruction 1990Government Spending in a Simple Model of Endogeneous Growth 1993Innovation and Growth in the Global Economy.1990A Model of Growth Through Creative Destruction 1989Is public expenditure productive?

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