U.S. Infrastructure: 1929-2017

28 Pages Posted: 7 Aug 2019

See all articles by Ray C. Fair

Ray C. Fair

Yale University - Cowles Foundation; Yale School of Management - International Center for Finance

Date Written: July 31, 2019

Abstract

This paper examines the history of U.S. infrastructure since 1929 and in the process reports an interesting fact about the U.S. economy. Infrastructure as a percent of GDP began a steady decline around 1970, and the government budget deļ¬cit became positive and large at roughly the same time. The infrastructure pattern in other countries does not mirror that in the United States, so the United States appears to be a special case. The overall results suggest that the United States became less future oriented beginning around 1970. This change has persisted. This is the interesting fact. Whether it can be explained is doubtful.

Keywords: Infrastructure

JEL Classification: H41, H5, H62

Suggested Citation

Fair, Ray C., U.S. Infrastructure: 1929-2017 (July 31, 2019). Cowles Foundation Discussion Paper No. 2187, July 2019. Available at SSRN: https://ssrn.com/abstract=3432670 or http://dx.doi.org/10.2139/ssrn.3432670

Ray C. Fair (Contact Author)

Yale University - Cowles Foundation ( email )

Box 208281
New Haven, CT 06520-8281
United States
203-432-3715 (Phone)
203-432-6167 (Fax)

HOME PAGE: http://fairmodel.econ.yale.edu

Yale School of Management - International Center for Finance ( email )

Box 208200
New Haven, CT 06520
United States
203-432-3715 (Phone)
203-432-6167 (Fax)

HOME PAGE: http://fairmodel.econ.yale.edu

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