Resource Abundance and Economic Development

By R. M. Auty | Go to book overview
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raised from resources to improve the rate of return to the investment options available to the poor—especially in human capital—instead of increasing the availability of consumption goods directly. They can invest in high quality education, viewing schooling as an investment good. In this way, the virtuous circle of rapid human capital accumulation with equitable growth is achievable by all countries. Certainly, resource abundance creates more challenges in getting the virtuous circle moving, but if the governments of those countries can overcome the challenges, the poor can become an engine of growth, and not only its beneficiaries.


REFERENCES

Alesina, A. and D. Rodrik (1994), 'Distributive policies and economic growth', Quarterly Journal of Economics, 109/2, 465-90.

Auty, R. M. (1997), 'Natural resources, the state and development strategy', Journal of International Development, 9, 651-63.

Becker, Gary S. (1964), Human Capital: A Theoretical and Empirical Analysis, Princeton, NJ: Princeton University Press.

Behrman, J. and N. Birdsall (1983), 'Quality of schooling: quantity alone is misleading', American Economic Review, 73, 5 (December).

Behrman, J. R., D. Ross, R. Sabot and M. Tropp (1994), 'Improving the quality versus increasing the quantity of schooling', Williamstown, MA: Williams College Center for Development Economics Research Memoranda, RM-140 (May).

Bell, C., P. Hazell and R. Slade (1982), Project Evaluation in Regional Perspective, Baltimore, MD: Johns Hopkins University Press.

Birdsall, N. and J. L. Londono (1998), 'No tradeoff: efficient growth via more equal human capital accumulation', Chapter 5 in Nancy Birdsall, Carol Graham and Richard H. Sabot (eds.), Beyond Tradeoffs: Market Reform and Equitable Growth in Latin America, Washington: Brookings Institution and Inter-American Development Bank.

Birdsall, N. and R. H. Sabot (1995), Virtuous Circles, Human Capital Growth and Equity in East Asia, (mimeo), Washington DC: Inter-American Development Bank.

Birdsall, N. and R. Sabot (eds.) (1996), Opportunity Foregone: Education in Brazil, Washington: Johns Hopkins University Press and Inter-American Development Bank.

Birdsall, N. and Steven Sinding (1999), 'How and why population matters: new findings, new issues', in Nancy Birdsall, Allen Kelley and Steven Sinding (eds.), Demography Matters: Population, Economic Growth, and Poverty in the Developing World, processed, Washington: Carnegie Endowment for International Peace.

Birdsall, N., D. Ross and R. Sabot (1995), 'Inequality and growth reconsidered', World Bank Economic Review, 9, 3 (September), 477-508.

Birdsall, N., T. Pinckney and R. Sabot (1998), 'Why low inequality spurs growth-savings and investment by the poor', Chapter 5 in A. Solimano (ed.), Social Inequality: Values, Growth, and the State, Ann Arbor: University of Michigan Press, 68-81.

Birdsall, N., T. Pinckney and R. Sabot (1999), 'Equity, savings, and growth', Brookings Institution Center on Social and Economic Dynamics Working Paper 5, Washington DC.

Bloom, D. E. and J. G. Williamson (1998), 'Demographic transitions and economic miracles in emerging Asia', The World Bank Economic Review, 12, 419-55.

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