Public Investments, Human Capital, and Political Stability: The Triptych of Economic Success
Table 3
Cross-country averages, 1990–2010.
Variable
Fast-growers
Slow-growers
Public investments
8.33
5.67
Private investments
15.46
13.82
Government consumption
14.57
16.28
Openness
73.88
67.57
Growth of employment in industry
0.74
−0.76
Initial primary-enrollment rate
93.13
89.03
Initial pupils-teacher ratio
32.65
36.19
Total factor productivity growth
0.99
−0.09
Public expenditures on health
3.12
3.75
Public expenditures on education
4.19
4.58
Public expenditures on military
2.70
1.94
Cash deficit/surplus
−2.19
−1.47
Debt
65.69
72.96
Mean growth rate = 1.67. Countries with greater than the mean growth rate are called “fast-growers” while “slow-growers” are countries with less than the mean growth rate.
