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Yale Center for the Study of Globalization Figure 7.5: Balassa-Samuelson Relationship of Price Level and GDP per Capita (5-year Average, 2005-09) Source: Authors’ calculations, based on Penn World Tables 7.0 (May 2011). Note: Specification replicates Rogoff (1996: 660), 188 observations (Zimbabwe excluded). Grey area shows 95 percent confidence interval. 128
Africa at a Fork in the Road: Taking Off or Disappointment Once Again? 7.6 Labor costs are high African labor is not cheap. Analysis of data from the World Bank’s Enterprise Surveys shows that predicted labor costs in African countries differ from those in low-income countries in Asia. In Figure 7.6, all variables in the estimation are held at the global means, except for value added per worker which is allowed to vary around the sample midpoint of US$5,000. Figure 7.6 shows that, after controlling for firm characteristics and country effects, African firms pay a markup (wage premium) of about 50 percent at the midpoint. It also shows that except at very low levels of value added per worker, there is no overlap between firms in Africa and firms elsewhere: even small African firms (with fewer than 20 workers) pay higher labor costs, relative to GDP, than large firms in the comparator countries. The difference in predicted labor cost between African and other firms is greater for higher levels of value added per worker. Labor costs, broken down by capital intensity, indicate that African firms are more costly than their counterparts in other regions. In addition, there is rather little difference in Africa between high and low capital-intensity firms. But outside Africa, all else equal, firms with lower capital/labor ratios are able to pay their workers relatively less than highly capital-intensive firms pay. 129
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AFRICA at a Fork in the Road TAKING
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Yale Center for the Study of Global
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Acknowledgements This volume is the
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Africa at a Fork in the Road: Takin
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2. Africa’s Policy Choices in an
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3. Industrialization: The Good Road
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PART II Why Performance Matters: Th
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PART III The Governance Factor
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12. The Political Origins of Africa
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14. Corruption in Africa: Shifting
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16. Global Value Chains and “Serv
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17. Better Global Governance for a
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19. The Role of Aid in a Changing A
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PART V Shaping Africa’s Future
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21. Past the Resource Curse: The
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A main improvement has involved eco
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23. Foreign Direct Investment, Natu
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24. Tanzania: Turning Natural Gas i
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26.5 Moving forward Africa’s mixe
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27. Smallholders Hold the Keys to A
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