Environmental Valuation & Cost-Benefit News
Natural Resources: Are They Really a Curse?
10/22/07
Natural Resources: Are They Really a Curse?
Abstract: The curse of natural resources detected in numerous cross-country growth regressions is questioned. Although natural resource dependence is associated with slow economic growth, there is no evidence that natural resource abundance per se is negatively related to growth. Thus, the supposed link between resource dependence and growth arises not from the numerator of the dependence measures (i.e. resources themselves) but rather, because of the inherent relationship between slow growth and a small non-resource sector caused by other undetermined characteristics of the economy.
Keywords: Natural resources; Economic growth; Institutions
by Alexandr Černý and Randall K. Filer
1. CERGE-EI, Politických věznů 7, 111 21 Praha 1, Czech Republic. E-mail: alexandr.cerny@cerge-ei.cz.
2. Hunter College, City University of New York and CERGE-EI. E-mail: rfiler@hunter.cuny.edu.
Charles University; Center for Economic Research and Graduate Education CERGE-EI www.cerge-ei.cz
Academy of Sciences of the Czech Republic; Economics Institute
Working Paper Series Number 321; March, 2007
http://www.cerge-ei.cz/pdf/wp/Wp321.pdf
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