Britain's low rates of investment

[pms]

At 07:50 AM 1/26/99 -0800, you wrote:
>Can't low levels of investment reflect, in part, the substitution of cheap
>labor for capital?
>
>--
>
>Michael Perelman
>Economics Department
>California State University
>michael at ecst.csuchico.edu
>Chico, CA 95929
>530-898-5321
>fax 530-898-5901
>
>

  
Couldn't it start out with this, then become the need to consolidate
because of overcapacity.  I have no idea what I'm talking about, but, like,
it feels real.