The aim of this dissertation thesis is to compile a systematic methodical approach for fixed assets as a national methodology. It focuses on stocks, consumption of fixed capital and capital services. The thesis is divided into three parts and six chapters. Chapter one and chapter two are used as a general theoretical base for chapters 3 to 5. Chapter 3 is based on a standard approach to the perpetual inventory method (PIM) as it is used in the Czech Republic. Chapter 4 is devoted to capital services and to an alternative approach to PIM. It is not used in the Czech Republic until now. Estimates are an integral part of the chapter. Chapter 5 describes capital services for other non-market producers, both methodology and estimates are covered. The impact of the change of the so-called cost method used for the estimates of output of other non-market producers on gross domestic product is calculated. The change consists in the substitution of consumption of fixed capital by capital services. Chapter 6 summarizes and explains the consequences in terms of national accounts.

The thesis is focused on the development of investment patterns of the sectoral point of view in comparison with the EU and selected member countries. The aim of the thesis is to bring the industrial structure of gross fixed capital formation in the Czech Republic and compare the founded results with those for the European Union and selected EU member states. The theoretical part deals with basic facts about investment, what they represent, how they are distinguished and what is the importance in the national economy. The practical part deals with the structure of investments in the Czech Republic in terms of material and sectoral in the form of graphs and tables. Then there is noted the comparison of the Czech Republic data with the EU and selected member countries in the shares of total investment to GDP, gross fixed capital formation by industry structure and investment by institutional sectors.

Doctor of Philosophy / Department of Economics / Lloyd B. Thomas Jr / Dennis L. Weisman / This dissertation has focused primarily on the relationship between aggregate private output and a measure of the public fixed capital stock for the U.S. economy using two different approaches for the years 1947-2005. The study starts with a brief survey of the existing literature on the relationship between private output and public capital and continues with an analysis of data on some macroeconomic variables related to private output and public capital. It employs a production function approach to provide empirical estimates and analyze its econometric problems, and continues with a vector autoregression (VAR) model. It uses two criteria, the Akaike Information Criterion and the Schwartz Bayesian Criterion, to compare the performance of the two models tested. There are several differences between this study and the existing literature. The most important difference is that each of the other studies uses only a single approach to analyze the relationship between the public capital stock and private economic growth while this study uses two different methodologies to analyze the same relationship and tests the two models using the same aggregate macroeconomic annual data on the U.S. economy from 1947 to 2005. This study represents the first attempt to provide estimates of the elasticities of private output with respect to the private capital stock, private labor stock, public nonmilitary capital stock, and public core infrastructure capital stock by employing two different approaches so that the comparison of the elasticities resulting from the two different approaches can be most meaningful. Moreover, this study also represents the first attempt to provide estimates of the marginal products of the above four inputs. Second, the studies that employ a production function approach are ad hoc and so is the production function approach of this study, but the production function approach section of this study is the only one having an explicit capital evolution equation for both the private and the public capital stock. All of the other studies using annual data use aggregate macroeconomic data on related variables for less than thirty years while this study employs aggregate data from 1947 to 2005 (fifty nine years). Lastly, the other production function studies are incomplete in the sense that they either do not attempt to deal with some major econometric problems such as a common trend (resulting in a spurious correlation) and the direction of the causation or when they do acknowledge major econometric problems, they do not do anything to correct them. This study, on the other hand, will try to detect major econometric problems. Once the problem is detected, the study will employ measures to deal with the problem. Major findings of this study are as follows. First, the causation runs from the public fixed capital stock to private output rather than in the other direction. Second, most of the studies in the existing literature report a positive impact of the private fixed capital stock on private output that is too small to be credible, whereas they report a positive impact of the public fixed capital stock on private output that is too large to be credible. However, the estimates of this study suggest not only a positive impact of the public capital stock on private output that seems credible but also a positive and very large impact of the private capital stock on private output. Third, the results of several joint hypothesis tests conducted show that there is enough sample evidence to claim that not only that the private sector operates under constant returns to scale in all inputs, private and public, for the years 1947-2005 but also that the private fixed capital stock is more important to the aggregate private production process than either of the two measures of the public fixed capital stock.

Nigeria, Africa’s most populous country, has been portrayed in scholarly literature as a prominent case of postcolonial African ‘growth failure’. Between 1960 and 2000 oil reserves were exploited resulting in revenues of more than $300 billion to the Nigerian government, while real per capita income fell over the same period. This thesis, by focusing on building and construction in Nigeria from 1960 to 2000, explains how and why Nigeria failed to invest its oil revenues to create long-term economic growth. Its findings have important implications for investment analyses of other commodity-rich countries in Africa and across the developing world. It draws on a wide range of primary quantitative and qualitative sources including government surveys, construction-related company financial data and project lists, industry publications, newspapers, and the correspondence files of a major Nigerian architecture firm. These are used to present a picture of historical building activity which includes a 40-year dataset of cement price and consumption, and a construction supply curve for both the oil boom and bust periods. By quantifying for the first time the long-observed ‘ghost construction’ of the oil boom, this thesis finds that annually about two thirds of what scholars and national accounts statistics had estimated was being invested in construction was never actually invested, implying that what was invested offered a greater return than has previously been acknowledged. Although investment in construction was overstated during the oil boom, during the oil bust construction was understated as major government projects were funded off-budget and away from public scrutiny. This thesis demonstrates that the most productive area of public investment has been infrastructure, and further that the private sector construction industry was a valuable asset which greatly enhanced the government’s ability to implement investment programmes, when it had the political will to do so.

Cette thèse a pour objectif de réhabiliter l’analyse circuitiste des crises économiques. Cellecia largement été supplantée depuis la fin des « trentes glorieuses » par la pensée néo-libérale.Pourtant les modèles, même les plus récents, émanant de cette pensée n’ont pas su ni prévenir, niguérir la crise que nous traversons. Nous considérons alors la théorie du circuit, dont Marx et Keynessont d’éminents représentants, comme bien plus capable d’appréhender la crise actuelle. Nousétablissons une dichotomie de l’analyse économique entre l’analyse du circuit et l’analyse libérale,que nous appelons également dans cette thèse « analyse de marché ». Nous montrerons comments’est construite cette analyse et comment ses hypothèses sont développées. Ce travail procèdeégalement à une analyse empirique. Nous montrerons à la lumière de la théorie du circuit lesconséquences des politiques néolibérales sur la dynamique économique. Ces politiques delibéralisation commerciale et financière devaient nous faire tendre vers l’équilibre général de pleinemploi. Elles ont pourtant, bien au contraire amené le déséquilibre généralisé de sous-emploi. Lesconclusions de cette thèse en termes de politiques économiques penchent en faveur d’unprotectionnisme raisonné et concerté à l’échelle internationale, ainsi qu’en faveur d’un contrôle dusystème financier afin que celui-ci finance l’accumulation du capital des sociétés non financières / This PhD thesis aims at rehabilitating the circuit analysis of economic crises. This analysiswas supplanted by the neo-liberal one at the end of the post-war boom. However, the neo-liberalmodels, and even the most recent ones, could not prevent nor solve the crisis that we are now goingthrough. We find the circuit theory, of which Marx and Keynes are distinguished representatives,much more capable of explaining the current crisis. We set up a dichotomy in economics betweenthe circuit analysis and the so-called liberal analysis, which we also call in this thesis the «marketanalysis». We show how this analysis and the hypotheses that stem from it were built. This work alsoincludes an empirical analysis. We use the circuit analysis to show the consequences of neo-liberalpolicies on economic dynamics. Thesefinancial and commercial liberalization policies should havelead us towards afull employment general equilibrium. On the contrary, they brought aunderemployment generalizeddisequilibrium.This thesis’ conclusions in terms of economic policiesare in favor of a concerted and reasoned protectionism on the international scale, as well as a controlof the financial system in order to fund non-financial corporations accumulation of capital.

The theme of this thesis is to analyze the development of the investment cycle in the Czech Republic in the years 2000-2012 and clarify the impact of defined development determinants of the investment. In the thesis, the investment environment in, which investors make decisions, is described and which the economic policy of the state affects. After the contribution analysis of individual growth components of GDP, the following statistically oriented section examines the level of investment, investment determinants and their mutual connection with GFCF. The work also contains an alternative view on the investment in the production sector, with the help of G. Reisman's GDR indicator. Finally, there are introduced others, not so well quantifiable factors that may also influence the formation and development of the investment cycle.

Cette thèse a pour objectif de montrer que Marx et Keynes, par des analyses distinctes, aboutissentà une même conclusion qui conserve un sens aujourd’hui : la cause ultime de la crise résidedans l’excès de concurrence. De là suit que le protectionnisme, conçu comme une régulation des effetsde la concurrence sur l’économie nationale, est, en fin de compte, une protection contre la crise.La première partie de ce travail traite de la période allant de Ricardo à Marx. Dans un premierchapitre, est exposé le modèle de Ricardo et les critiques qui l’ont accompagné. Au nombre de sesdétracteurs figure Marx dont notre deuxième chapitre montre que la théorie peut être lue commeappelant au protectionnisme dès lors que son analyse est replacée dans un objectif de survie ducapitalisme. La seconde partie justifie l’existence et démontre le bien-fondé d’un protectionnismekeynésien. Le troisième chapitre établit la découverte, par Keynes, de la nécessité de proposer unprotectionnisme de sauvegarde et montre que cette conclusion a été largement perdue de vue dansles interprétations de sa pensée. Enfin, le quatrième chapitre, par une lecture circuitiste de Keynes,met en garde contre les effets pervers du libre-échange sur les deux composantes essentielles de lademande que sont la consommation et surtout l’investissement. / This thesis aims to show that, despite separate analyses, Marx and Keynes support a similarconclusion which preserves a meaning today : the ultimate cause of the crisis is excessive competition.It follows that protectionism as a regulation of the effects of competition on national economyis ultimately a protection against the crisis. The first part of this work covers the period fromRicardo to Marx. The first chapter outlines the Ricardo model and the criticisms who accompaniedit. Marx was part of these detractors. From a survival of capitalism perspective, the secondchapter shows that his theory can be interpreted as a call for protectionism. The second part justifiesthe existence and demonstrates the validity of Keynesian protectionism. The third chapterestablishes the Keynes’ discovery of the necessity to use protection as a guarantee against crises.This conclusion has been widely lost sight of by those who interpreted his thought. Finally chapterfour warns against the negative effects of free trade on two essential components of demand namelyconsumption and, foremost, investment. We do so using a circuitist approach.

Fundação de Apoio a Pesquisa e à Inovação Tecnológica do Estado de Sergipe - FAPITEC/SE / The aim of this study was to identify the influence of investment in human capital and public and private fixed capital in the economic growth of cities in the state of Sergipe, in the period 2006-2011. To do so, based on endogenous growth perspective, was constructed variables for the analysis of the determinants of growth. Under the application of econometric methodology of panel data, the sample was divided into two, analyzing larger municipalities and under 25 thousand inhabitants. The results show that the greater sensitivity to investments in smaller municipalities, while for larger municipalities, stood out private investment, the investment of municipal power and the level of local education as determinants of economic growth. The model explanatory power presented itself similar to that found in the related literature, despite including innovative measures such as the standardization of data and the use of the Investment FIRJAN index (IFGF). / O objetivo desse trabalho foi identificar a influência dos investimentos em capital humano e capital físico público e privado no crescimento econômico dos municípios do estado de Sergipe, no período 2006-2011. Para isso, fundamentado na perspectiva endógena do crescimento, construiu-se variáveis para a análise dos fatores determinantes do crescimento. Sob a aplicação da metodologia econométrica de dados em painel, a amostra foi dividida em duas, analisando municípios maiores e menores de 25 mil habitantes. Os resultados demonstram que as uma sensibilidade maior aos investimentos realizados em municípios menores, enquanto, para municípios maiores, destacaram-se o investimento privado, o investimento do poder municipal e o nível de escolaridade local como determinantes do crescimento econômico. O poder de explicação do modelo apresentou-se semelhante ao encontrado na literatura correlata, apesar de incluir medidas inovadoras como a padronização dos dados e a utilização do índice Firjan de Investimento (IFGF).

Thesis (M. Com. (Economics)) -- University of Limpopo, 2017 / Investment as one of the important macroeconomic variables can ensure infrastructure development and growth in the economy by raising the productive capacity. The study seeks to examine the determinants of investment activity in South Africa by means of the Cointegrated Vector Autoregression approach. The results of this study could assist policy makers to come up with policies that could encourage investment. The findings will add to the existing theory and knowledge as there is limited research on investment, more especially in South Africa. The empirical results revealed that the long and short run relationship exists amongst the variables under investigation. Furthermore, it was found that there is positive relationship between economic growth, interest rate, inflation and investment. Taxation and investment are negatively related in South Africa both in the long and short run. This indicates that investment activity can be explained by tax, economic growth, interest rates and inflation. The study recommend that the government should also find methods of increasing its revenue base. This could be done by creating a tax policy and system that is able to capture the informal sector because various un-registered businesses go unrecorded when estimating the tax to be collected in a fiscal year. This may be another way of increasing the level economic growth (GDP) since it will generate more fund for government to spend. KEY CONCEPTS: Gross fixed capital formation, Economic growth, taxation, interest rates, inflation.

Thesis (M.Com. (Economics)) -- University of Limpopo, 2022 / The primary goal of this study was to investigate the effects of budget deficit on fixed investment using annual data for the period 1990-2017 in selected African countries namely, Cameroon, Namibia, Ghana, Egypt, Seychelles, Mauritius, Botswana, Lesotho and South Africa. The study employed panel unit root tests including the Augmented Dickey-Fuller test, Philips Perron test and Levin Lin and chu test. The tests revealed that all the variables are integrated at 1st difference. The study further employed the Panel ARDL bounds test to examine the relationship between budget deficit, fixed investment, money supply and inflation. The empirical findings indicated that a long run relationship exists between the variables of interest. Furthermore, the results revealed that the budget deficit has a negative and statistically significant effect on fixed investment. A one percent increase in the budget deficit, ceteris paribus, leads to a reduction in fixed investment by 44 percent in the long run. The findings further postulated a bidirectional causal relationship between budget deficit and fixed investment, between money supply and fixed investment and between fixed investment and inflation. It was evident in the research that indeed the budget deficit is a problematic macroeconomic policy in African countries. Policy makers should limit high government expenditures as they contribute to increased and persistent budget deficits which crowd out private investment.