Low Investment is Not the Constraint on African Development

Posted: 24 Jan 2006

See all articles by William Easterly

William Easterly

New York University - Department of Economics

Shantayanan Devarajan

World Bank Middle East and North Africa Region

Howard Pack

University of Pennsylvania - Management Department; University of Pennsylvania - Business & Public Policy Department

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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.

Suggested Citation

Easterly, William and Devarajan, Shantayanan and Pack, Howard, Low Investment is Not the Constraint on African Development. Economic Development and Cultural Change, Vol. 51, No. 3, April 2003. Available at SSRN: https://ssrn.com/abstract=876633

William Easterly (Contact Author)

New York University - Department of Economics ( email )

269 Mercer Street
New York, NY 10003
United States

Shantayanan Devarajan

World Bank Middle East and North Africa Region ( email )

1818 H Street, NW
Washington, DC 20433
United States

Howard Pack

University of Pennsylvania - Management Department ( email )

The Wharton School
Philadelphia, PA 19104-6370
United States

University of Pennsylvania - Business & Public Policy Department ( email )

3641 Locust Walk
Philadelphia, PA 19104-6372
United States

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