Institutions and Capacity Building: The African Economic Development Potential Revisited
AbstractAbstract: Risks faced in African agriculture and industry reduces the dynamic rate of return in these industries. Supply and demand constraints like scarcity of human capital and low effective demand further reduce the scope of industrialization. Institutions have to be developed to share the risks in consumption and production and thus achieve equity and efficiency. Capacity building through investment in the education, health and the public sector can bring about an efficient supply response. Monetary and fiscal intervention can ensure that such a supply response is met effectively and the benefits are passed to consumers, labor and entrepreneurs through a regulated market.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 27791.
Date of creation: 09 Jan 2005
Date of revision: 10 Aug 2005
Keywords: Institutions; Capacity Building; Risk Sharing; Dynamic Efficiency;
Find related papers by JEL classification:
- O23 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
- D20 - Microeconomics - - Production and Organizations - - - General
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- O20 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - General
- G00 - Financial Economics - - General - - - General
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