Journal
RESOURCES POLICY
Volume 30, Issue 2, Pages 107-130Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.resourpol.2005.05.001
Keywords
natural resources; economic growth; development
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An analysis using reserves as a measure of resource abundance suggests that natural resource abundance has not been a significant structural determinant of economic growth in the seventies and eighties. 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. (c) 2005 Elsevier Ltd. All rights reserved.
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