Natural Resources and Economic Growth: The Role of Investment
Tóm tắt
Is it possible that excessive reliance on natural resources affects saving and investment in a way that retards economic growth? – and thus, in the long run, the level of output per capita. This paper reviews the literature, explores the data and compares and contrasts the explanatory power and interplay of natural resources and civil liberties, our proxy for institutional variables currently under scrutiny in the literature. We propose that natural resource dependence may be viewed as an exogenous factor that impedes economic growth and investment as well as institutions, even if we stress that natural resource abundance may be good for growth.
Từ khóa
Tài liệu tham khảo
Gelb A., 1988, Windfall Gains: Blessing or Curse?
Gylfason T., 2003, Inequality and Growth: Theory and Policy Implications
Kaldor N., 1966, Causes of the Slow Rate of Growth in the United Kingdom
Mehlum H. K.MoeneandR.Torvik(2006) ‘Cursed by Resources or Institutions?’The World Economy this issue.
Nordhaus W. D., 1992, ‘Lethal Model 2: The Limits to Growth Revisited’, Brookings Papers on Economic Activity, 2
Rodriguez F., 2000, NBER Macroeconomics Manual
Sachs J. D.(2003) ‘Institutions Don't Rule: Direct Effects of Geography on Per Capita Income’ NBER Working Paper No. 9490 (Cambridge MA).
Sachs J. D.andA. M.Warner(1995 revised1997 1999) ‘Natural Resource Abundance and Economic Growth’ NBER Working Paper No. 5398 (Cambridge MA).
Sachs J. D., 1999, Development Policies in Natural Resource Economies
World Bank, 1997, Environmentally Sustainable Development Studies and Monographs Series