Natural Resource Abundance and Economic Growth Revisited
نویسنده
چکیده
Data on energy and mineral reserves suggest that natural resource abundance has not been a significant structural determinant of economic growth between 1970 and 1989. The story behind the effect of natural resources on economic growth is a complex one that typical growth regressions do not capture well. Preliminary evidence suggests that natural resources may affect economic growth through both “positive” and “negative channels.” Potential reverse causality running from these “channels” to fuel and mineral reserves further complicates the analysis. I conjecture that, as economic historians suggest, the ability of a country to exploit its resource base depends critically on the nature of the learning process involved. * I am grateful to Brad DeLong, David Romer, Gavin Wright, Georges Akerloff, and the participants of seminars at the University of California at Berkeley for valuable suggestions. They cannot be held responsible for any of the opinions expressed here nor for any remaining errors. I thank Jen-Pei Huang for diligent assistance with data encoding and Tamara Springsteen for helpful editing. The beginning of this research was undertaken while the author was a BAEF Fellow. The last part of this research was carried out while the author was a SSRC Fellow in Applied Economics. I gratefully acknowledge the financial support of both the BAEF and the SSRC. Correspondence: [email protected]
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