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Institutions Ca - Institutions Capital Growth Hall Sobel and Crowley Southern Economic Journal October 2010 Vol 77 No 2 pp 385 In a nutshell the

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Hall, Sobel and Crowley Southern Economic Journal October 2010 Vol. 77 No. 2, pp 385-
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In a nutshell, the authors state: There is little evidence that efforts to increase either physical or human capital levels in developing countries, especially in Africa, have been successful in generating growth.
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Macroeconomic evidence is paradoxical since it is contrary to what is understood about sources of growth and the augmented Solow growth model. However, good historical data on public investment in capital is available for 22 African countries since 1970. From 1970- 1994, those countries received $187 Billion in aid and spent $374 Billion on public investment, only to achieve zero per
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Institutional quality was factored into new study Authors concluded that societal payoffs to improvements in the levels of both physical and human capital are dependent on the institutional context in which those investments occur.
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They used data on “ risk of expropriation
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This note was uploaded on 11/10/2011 for the course ECON 4310 taught by Professor Staff during the Fall '08 term at Kennesaw.

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Institutions Ca - Institutions Capital Growth Hall Sobel and Crowley Southern Economic Journal October 2010 Vol 77 No 2 pp 385 In a nutshell the

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