There are many theoretical studies on the impacts of infrastructure development. However, most of them are in the framework of neoclassical economics, which cannot deal with
disequilibrium states of economy.
This paper attempts at a model analysis that shows the characteristic of the impacts under
Keynesian disequilibrium economy, comparing of those under
Walrasian equilibrium. As main results, investment for the infrastructure causes different effects on national economy under Keynesian disequilibrium from those under Walrasian equilibrium. Furthermore, such impacts are evaluated from the point of social welfare. It is shown as a result that infrastructure projects might be
unfavorable in a certain case because they lead to the decrease of social welfare.
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