Wealth measurement and the role of built asset investment

an empirical comparison

Les Ruddock, Steven Ruddock

Research output: Contribution to journalArticle

Abstract

Purpose
The purpose of this paper is to assess the role of investment in built assets in the achievement of economic growth as part of a wealth measurement approach and to undertake an analysis of the relative importance of such investment as part of a country’s overall capital asset portfolio.

Design/methodology/approach
Panel data on capital asset investment are used to compare groups of countries at different stages of development. Data sets on investment and capital levels from the Penn World Tables 9.0 are used. Population and gross domestic product data are taken from the same source and the UN Statistics Division. World Bank reports provide data on countries’ income group classification.

Findings
There is confirmation of the view that, as economies grow, a pattern of investment based on developing a different structure of capital asset portfolio occurs. Investment patterns similar to those found in advanced countries arise as low income countries move to higher income classification groups even though built assets remain the most valuable capital asset group.

Originality/value
The study provides time series evidence on the nature of changing capital investment patterns in countries’ economies and demonstrates the value of a wealth measurement approach.
Original languageEnglish
Pages (from-to)766-778
Number of pages13
JournalEngineering, Construction and Architectural Management
Volume26
Issue number5
Early online date1 Jan 2019
DOIs
Publication statusPublished - 17 Jun 2019

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Assets
Wealth
Time series
Statistics
Economics
Income
Low-income countries
Design methodology
Gross domestic product
Stages of development
World Bank
United Nations
Economic growth
Relative importance
Capital investment

Cite this

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Wealth measurement and the role of built asset investment : an empirical comparison. / Ruddock, Les; Ruddock, Steven.

In: Engineering, Construction and Architectural Management, Vol. 26, No. 5, 17.06.2019, p. 766-778.

Research output: Contribution to journalArticle

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T1 - Wealth measurement and the role of built asset investment

T2 - an empirical comparison

AU - Ruddock, Les

AU - Ruddock, Steven

PY - 2019/6/17

Y1 - 2019/6/17

N2 - PurposeThe purpose of this paper is to assess the role of investment in built assets in the achievement of economic growth as part of a wealth measurement approach and to undertake an analysis of the relative importance of such investment as part of a country’s overall capital asset portfolio.Design/methodology/approachPanel data on capital asset investment are used to compare groups of countries at different stages of development. Data sets on investment and capital levels from the Penn World Tables 9.0 are used. Population and gross domestic product data are taken from the same source and the UN Statistics Division. World Bank reports provide data on countries’ income group classification.FindingsThere is confirmation of the view that, as economies grow, a pattern of investment based on developing a different structure of capital asset portfolio occurs. Investment patterns similar to those found in advanced countries arise as low income countries move to higher income classification groups even though built assets remain the most valuable capital asset group.Originality/valueThe study provides time series evidence on the nature of changing capital investment patterns in countries’ economies and demonstrates the value of a wealth measurement approach.

AB - PurposeThe purpose of this paper is to assess the role of investment in built assets in the achievement of economic growth as part of a wealth measurement approach and to undertake an analysis of the relative importance of such investment as part of a country’s overall capital asset portfolio.Design/methodology/approachPanel data on capital asset investment are used to compare groups of countries at different stages of development. Data sets on investment and capital levels from the Penn World Tables 9.0 are used. Population and gross domestic product data are taken from the same source and the UN Statistics Division. World Bank reports provide data on countries’ income group classification.FindingsThere is confirmation of the view that, as economies grow, a pattern of investment based on developing a different structure of capital asset portfolio occurs. Investment patterns similar to those found in advanced countries arise as low income countries move to higher income classification groups even though built assets remain the most valuable capital asset group.Originality/valueThe study provides time series evidence on the nature of changing capital investment patterns in countries’ economies and demonstrates the value of a wealth measurement approach.

KW - Built assets

KW - Economic growth

KW - Investment

KW - Organization

KW - Sustainability

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