In this paper factors that have affected the output expansion in Turkish economy are analyzed. The underlying production function allows to detect separately effects of development in physical (both private and govemment) and human capital stock on economic growth. It is concluded that the effect of private sector investments on economic growth is larger than that of govemment investments. The conclusion that production function analyzed in this paper exhibits increasing retums to scale gives a general support for the endogenous growth models. Therefore, it is possible to say that there are positive extemalities stemming from accumulation of both physical and human capital stock.
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