设备投资和经济增长【外文翻译】.pdfVIP

原 文： Nber Working Papers Series Equipment Invest And Economy Growth J.Bradford be long Lawrence H.summers Abstract Using date from the united nations comparison project and the penn world table.we find that machinery and equipment investment has a strong association with growth: over l960 —l985 each percent of GDP invested in equipment is associated with an increase in GDP growth of 1/3 a percentage point per year. This is a much stronger association than found between growth and any of the other components of investment. A variety of considerations suggest that this association is causal, that higher equipment investment drives faster growth, andthat the social return to equipment investment in well-functioning market economies is on the order of 30 percent per year. I.Introduction It is no accident that the era in which European economic growth took off is called the Industrial Revolution. Blanqui [18371, first to use the phrase in print, identified its beginnings in the invention and spread of those two machines, henceforth immortal, the steam engine and the cottonspinning [water frame]. Ever since, qualitative historical discussions of growth have emphasized the role of machinery investment in augmenting labor power. Landes [1969] statement that the machine is at the heart of the new economic civilization is typical of accounts that have assigned a central role to mechanization. Technology embodied in machinery has been, as Mokyr [1990] says, the lever of riches. Yet at least until recently modern quantitative studies of economic growth have tended to downplay the role of mechanization. Work in the aggregated growth accounting tradition of