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J Af Eco 2001; 10:81-108
© 2001 Centre for the Study of African Economies

Article

Is Investment in Africa Too High or Too Low? Macro- and Micro-evidence

Shantayanan Devarajan, William Easterly and Howard Pack

World Bank
University of Pennsylvania

Abstract

Many analysts decry the lack of sufficient investment in Africa, implying that investment in Africa is ‘too low’. We find no evidence that private and public capital are productive in Africa, either in the cross-country data or in micro-data from Tanzania. In this restricted sense, investment in Africa is too high rather than too low.


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