A Reconsideration of the Capital Constraint Theory and the Two Factor Model for the African Case
Wilson, Reggie Clinton
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It is the intention of this paper to examine the theoretical implications of assumptions and the traditional two factor model, provide some empirical data which sheds light on the failure of this model and these assumptions to accurately reflect the institutional peculiarities of the African case, and to modify the model. The result will be a more realistic model which will serve to illustrate the peculiarities of the African case with respect to the factor proportions problem and to illuminate the path to increasing the growth rates.