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Low Investment Is Not the Constraint on African Development

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Author Info

  • Devarajan, Shantayanan
  • Easterly, William R
  • Pack, Howard

Abstract

While many analysts decry the lack of sufficient investment in Africa, we find no evidence that private and public investment are productive, either in Africa as a whole (unless Botswana is included in the sample), or in the manufacturing sector in Tanzania. In this restricted sense, inadequate investment is not the major obstacle to African economic development.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Economic Development and Cultural Change.

Volume (Year): 51 (2003)
Issue (Month): 3 (April)
Pages: 547-71
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Handle: RePEc:ucp:ecdecc:y:2003:v:51:i:3:p:547-71

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Cited by:
  1. Calderon, Cesar & Serven, Luis, 2008. "Infrastructure and economic development in Sub-Saharan Africa," Policy Research Working Paper Series 4712, The World Bank.
  2. Kraay, Aart & Raddatz, Claudio, 2007. "Poverty traps, aid, and growth," Journal of Development Economics, Elsevier, vol. 82(2), pages 315-347, March.
  3. Léonce Ndikumana, 2006. "Corruption and Pro-Poor Growth Outcomes: Evidence and Lessons for African Countries," Working Papers wp120, Political Economy Research Institute, University of Massachusetts at Amherst.
  4. Paul Beaudry & Patrick Francois, 2010. "Managerial Skills Acquisition and the Theory of Economic Development," Review of Economic Studies, Wiley Blackwell, vol. 77(1), pages 90-126, 01.
  5. Michael Clemens & Charles Kenny & Todd Moss, 2004. "The Trouble with the MDGs: Confronting Expectations of Aid and Development Success," Development and Comp Systems 0405011, EconWPA.
  6. Sanjaya Lall (QEH), . "Is African Industry Competing?," QEH Working Papers qehwps122, Queen Elizabeth House, University of Oxford.
  7. Agenor, Pierre-Richard & Moreno-Dodson, Blanca, 2006. "Public infrastructure and growth : new channels and policy implications," Policy Research Working Paper Series 4064, The World Bank.
  8. Arbache, Jorge & Go, Delfin S. & Page, John, 2008. "Is Africa's economy at a turning point?," Policy Research Working Paper Series 4519, The World Bank.
  9. Amavilah, Voxi Heinrich, 2008. "Domestic resources, governance, global links, and the economic performance of Sub-Saharan Africa," MPRA Paper 11193, University Library of Munich, Germany.
  10. Inwon Jang & Hyeon-seung Huh & Richard Wong, 2008. "Optimal capital investment under uncertainty: An extension," Economics Bulletin, AccessEcon, vol. 5(4), pages 1-7.
  11. W. A. Naudé, 2004. "The effects of policy, institutions and geography on economic growth in Africa: an econometric study based on cross-section and panel data," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(6), pages 821-849.
  12. Kenny, Charles, 2006. "Measuring and reducing the impact of corruption in infrastructure," Policy Research Working Paper Series 4099, The World Bank.
  13. Yisheng Bu, 2006. "Fixed capital stock depreciation in developing countries: Some evidence from firm level data," The Journal of Development Studies, Taylor and Francis Journals, vol. 42(5), pages 881-901.

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