Relativní efektivnost veřejných investic z pohledu rakouské školy

This thesis examines the impact of private and public investment on economic growth. It firstly shortly examines the issue from the perspective of mainstream economics. Then it examines the impact of public investment on capital structure, private investment, and economic growth from the perspective of the Austrian theory of capital and the Austrian business cycle theory. The primary hypothesis (1) of the thesis is that “an increase in public investment doesn’t have as significant effect on long-term GDP growth as does an increase in private investments." Based on the presented theory, a secondary hypothesis (2) was formulated: “An increase in the public investment doesn’t have a positive impact on the private investment”. Hypotheses are tested by A dynamic panel autoregressive model (PVARGMM) applied to the data from OECD and World bank from years 1970 to 2018 accessible for 41 countries. Results of the analysis did not lead to A rejection of the hypothesis (1). Hypothesis (2) was rejected.