Government plays the driving role in development of social overhead capital as it is rarely profitable, it has a long gestation period, and the pay-offs accrue to all economic sectors, not primarily to the investing entity; thus the private sector is not interested in playing a major role in its development.
12.
In it, he introduced the concept of " social overhead capital, " meaning everything that might not be privately owned in an economy : land and natural resources; the governmental infrastructure of roads, bridges, schools and so forth; cultural and economic institutions held in common, from the banking system to language itself.
