How Plausible the Predicted Superiority of Private Over Public Investment Still Stands, If Ever?
Bibliographic record
Abstract
This essay aims to test the hypothesis held by the Theory of Financial Liberalisation in the sense that financial resources diverted by non-market forces are inefficiently allocated, ergo, public investment is less productive than private investment. The relationship between public and private investment and the productivity in both the public and the private sectors are then analysed in search of empirical evidence to discern the endurance of such hypothesis throughout the changing evolution of the Mexican financial system since 1970 up to 2019. The paper is arranged in four sections. Firstly, some historical financial liberalisation events are put forward. Secondly, theoretical issues concerning the concept of productivity of the two types of investment are discussed. It also reviews empirical work done on the productivity in less-developed countries. Thirdly, an attempt to measure productivity of both public and private investment in Mexico is made. It then describes the methodology and the estimation results obtained for Mexico are launched. Finally, main conclusions are delivered.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.004 | 0.016 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.003 |
| Scholarly communication | 0.004 | 0.005 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.002 | 0.002 |
| Insufficient payload (model declined to judge) | 0.011 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".