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NBER Working Papers and Publications
|1989||Government Saving, Capital Formation, and Wealth in the United States, 1947-85|
with Michael J. Boskin, Marc Robinson
in The Measurement of Saving, Investment, and Wealth, Robert E. Lipsey and Helen Stone Tice, editors
|August 1987||Government Saving, Capital Formation and Wealth in the United States, 1947-1985|
with Michael J. Boskin, Marc S. Robinson: w2352
This paper presents new updated and improved estimates of various components of governments' contribution to national wealth and its growth in the post-war period. The primary conclusions drawn are: (1). The federal government's assets, tangible and financial, are substantial; they grew more rapidly than the national debt in the 1970s. By 1980, federal tangible assets amounted to $1.7 trillion and financial assets $940 billion, compared to liabilities of $1.5 trillion (in 1985 dollars) ; (2). Since 1980, conventional liabilities have grown much faster than assets, causing about a $727 billion decline in federal "net worth"; (3). The state-local government sector contributes importantly to government and national wealth. State-local fixed reproducible capital is twice the federal amount, ab...
- Boskin, Michael J & Marc S. Robinson. "The Value of Federal Mineral Rights, Correction and Update: Erratum [Government Saving, Capital Formation and Wealth in the United States, 1947-1985]." American Economic Review 77, 5 (1987): 1073-74.
- The Measurement of Saving, Investment, and Wealth, edited by Robert E. Lipsey and Helen Stone Tice. Chicago: University of Chicago Press, 1989.
|1987||New Estimates of State and Local Government Tangible Capital and Net Investment|
with Michael J. Boskin, Marc S. Robinson: w2131
Measures of the state and local government capital stock and investment are necessary inputs into several areas of economic analysis, including the measurement of national wealth and its growth. We estimate net investment and depreciation of state and local government nonresidential capital. In aggregate, we estimate a net state and local nonresidential capital stock of $1.8 trillion in 1985, 17% larger than that estimated by the Bureau of Economic Analysis. Net state and local government investment has exceeded the state and local deficit annually for the last forty-five years. While the fraction of state and local purchase of goods and services devoted to net investment has fallen, it has exceeded federal government net capital formation except during defense buildups and has averaged mo...
Published: (Boskin, Michael J., Marc S. Robinson, Terrance O'Reilly and Praveen Kumar) Published as "Errata: New Estimates of the Value of Federal Mineral Rights and Land", American Economic Review, Vol. 76, no. 4 (1986).