CAPITAL OUTLAYS AND THE MARGINAL PRODUCTIVITY OF FIXED ASSETS
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The article is aimed at finding out whether there is a link between the marginal productivity of fixed assets and capital outlays based on cross-section analysis (on a provincial level). At the first stage an attempt was made to estimate marginal productivity of capital for particular provinces on the basis of data concerning figures for the period 1999-2004 assuming that: a) we have to do with the Cobb-Douglas production function in its classic form, i.e. with a fixed income compared to the scale of output; and that: b) the GDP deflators for particular provinces are equal to the provincial inflation rate. At the second stage the correlation between the estimated figures at the first stage and the capital outlays incurred in particular regions was analysed. The analysis for each year was conducted separately. As a result, no significant positive relationship was stated when all the provinces were considered (with the essentiality level equal even to 0.01). However, after the Mazowieckie Province had been excluded from investigation, the Pearson linear correlation coefficients for particular provinces were from 0.578 to 0.679. The investigated relationship for the years 2001, 2003 and 2004 was really positive with the essentiality level of 0.005, and for the other periods it amounted to 0.01. It should be pointed out that the value of those parameters is not close to 1, hence, there must be other essential reasons for the spatial diversification of investments.
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