In the late 1980's, a series of studies analyzing the effects of public capital gave shape to an explanation of the productivity decline observed in the developed nations, formulated with particular success by David Aschauer (1989a) and later strongly defended by Alice Munnell (1990a). Since then, many other contributions have given support to, or denied, Aschauer's original findings and have qualified them in many ways. This paper reviews these contributions, integrating the intense debate that has since taken place in the wider context of the Government's economic activity and the process of economic growth. It also considers that part of the literature in which microeconomic aspects appear to be the key to the many questions related to the efficient use of the infrastructure question which have not been answored by macroeconomic, sectorial or regional analyses.

Keywords: public capital, infrastructure, growth, regional development.