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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Economic infrastructure: a review of definitions, theory and empirics
Author:Fourie, JohanISNI
Periodical:South African Journal of Economics
Geographic term:South Africa
External link:https://doi.org/10.1111/j.1813-6982.2006.00086.x
Abstract:Infrastructure investment, especially in South Africa, is currently at the forefront of policy and public debate. But the term 'infrastructure' has a variety of definitions and interpretations; the reason for the various definitions is related to infrastructure's various impacts and incidence. Three levels of infrastructure are identified: local, national and transnational. Infrastructure at all three levels is subject to certain market failures which require some form of government intervention. Furthermore, theory postulates a number of benefits from infrastructure, both on economic growth and equity. Both the quantity (access to infrastructure) and quality (reliability of infrastructure or accompanying services) are important. Finally, empirical analysis tests whether these theoretical benefits are indeed realized. However, it seems as though infrastructure empirics are subject to a number of serious limitations. Bibliogr., notes, ref., sum. [Journal abstract]