Standard models fail to explain variation in UK capital investment. This paper develops and tests a new theory based on the insights of Edmond Malinvaud, in which investment under uncertainty is adjusted to balance the cost of excess and deficient capacity. Using quarterly UK manufacturing data...

This paper provides a retrospective assessment of the effects of trade policies on South African manufacturing since the transition to democracy, examining the differences and commonalities in the views of economists in favour of and against an acceleration of trade liberalization. Data from the...