Resource Wealth, Innovation and Growth in the Global Economy
نویسنده
چکیده
We analyze the relative growth performance of open economies in a two-country model where di¤erent endowments of labor and a natural resource generate asymmetric trade. A resource-rich economy trades resource-based intermediates for nal manufacturing goods produced by a resource-poor economy. Productivity growth in both countries is driven by endogenous innovations. The e¤ects of a sudden increase in the resource endowment depend crucially on the elasticity of substitution between resources and labor in intermediatesproduction. Under substitution (complementarity), the resource boom generates higher (lower) resource income, lower (higher) employment in the resource-intensive sector, higher (lower) knowledge creation and faster (slower) growth in the resource-rich economy. The resource-poor economy adjusts to the shock by raising (reducing) the relative wage, and experiences a positive (negative) growth e¤ect that is exclusively due to trade. Keywords: Endogenous Growth, Endogenous Technological Change, Natural Resources, International Trade. JEL Classi cation Numbers: E10, F43, L16, O31, O40
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