Resource Abundance and Economic Development

By R. M. Auty | Go to book overview

positive part to play after all. Other extensions would involve very different game-theoretic models of endogenous policy formation and rent seeking.

The problem of underdevelopment is closely related to the notion of the staple trap. In other words, low incomes and poor long-term growth rates are ultimately the result of an undiversified production structure, and the inability to adapt to change. Policies matter, and these often need to be adapted to the size of the economy. The right policies include macroeconomic stability, openness (as it promotes competitiveness), as well as the accumulation of human and social capital. Here, issues of political economy, which determine policy, can be crucial. Also, one cannot discount the value of the appropriate timing of policy changes, which are often the product of pure chance. These issues are discussed further in Chapter 8 .


REFERENCES

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

Findlay, Ronald and Carlos A. Rodriguez (1977), 'Intermediate inputs and macroeconomic policy under flexible exchange rates', Canadian Journal of Economics, 10, 209-17.

Grossman, Gene and Elhannan Helpman (1991), Innovation and Growth in the Global Economy, Cambridge, Mass.: MIT Press.

Hirschman, Albert O. (1958), The Strategy of Economic Development, New Haven: Yale University Press.

Krugman, Paul (1987), 'The narrow moving band, the Dutch disease and the competitive consequences of Mrs Thatcher: notes on trade in the presence of dynamic scale economies', Journal of Development Economics, 27, 41-55.

Krugman, Paul and Lance Taylor (1978), 'Contractionary effects of devaluation', Journal of International Economics, 8, 445-56.

Lewis, W. Arthur (1954), 'Economic development with unlimited supplies of labour', Manchester School, 22, 139-91.

Matsuyama, Kiminori (1992), 'Agricultural productivity, comparative advantage and economic growth', Journal of Economic Theory, 58, 317-34.

Murshed, S. Mansoob (1997), 'Does trade with the South disadvantage unskilled workers in the North?, in S. Dev Gupta (ed.), The Political Economy of Globalization, London: Kluwer Academic Publishers: 129-46.

Murshed, S. Mansoob (1999), 'A macroeconomic model of a developing country endowed with a natural resource', UNU/WIDER Working Papers 165, Helsinki: UNU/WIDER.

Myint, Hla M. (1958), 'The “classical theory” of international trade and the underdeveloped countries', Economic Journal, 68/270, 317-37.

Neary, J. P. and S. van Wijnbergen (1984), 'Can an oil discovery lead to a recession? a comment on Eastwood and Venables', Economic Journal, 94, 390-95.

Neary, J. Peter and Sweder van Wijnbergen (eds.) (1986), Natural Resources and the Macroeconomy, Oxford: Blackwell.

Prebisch, Raul (1950), The Economic Development of Latin America and its Principal Problems, New York: United Nations.

Rodriguez, Francisco and Jeffrey Sachs (1999), 'Why do resource abundant economies grow more slowly? A new explanation and an application to Venezuela', Journal of Economic Growth, 4, 277-303.

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Resource Abundance and Economic Development
Table of contents

Table of contents

  • Unu World Institute for Development Economics Research (Unu/Wider) ii
  • Resource Abundance and Economic Development iii
  • Foreword v
  • Acknowledgements vii
  • Contents ix
  • List of Tables xi
  • List of Figures xiv
  • List of Contributors xv
  • Part I Introduction 2
  • 1: Introduction and Overview 3
  • References 15
  • Part II Critical Parameters in Resource-Based Development Models 18
  • 3: The Sustainability of Extractive Economies 36
  • Appendix 3.1 Deriving Net Income and Genuine Saving 46
  • References 55
  • References 73
  • Part III Long-Term Perspective On, and Models Of, Resource-Based Growth 94
  • References 109
  • 7: Short-Run Models of Contrasting Natural Resource Endowments 113
  • References 124
  • References 142
  • Part IV Development Trajectories of Resource-Abundant Countries 145
  • 9: Competitive Industrialization with Natural Resource Abundance 147
  • References 163
  • 10: A Growth Collapse with Diffuse Resources 165
  • References 177
  • References 191
  • 12: A Growth Collapse with High Rent Point Resources 193
  • References 206
  • 13: Large Resource-Abundant Countries Squander Their Size Advantage 208
  • References 220
  • Part V Lessons for Policy Reform 223
  • References 237
  • 15: Growth, Capital Accumulation, and Economic Reform in South Africa 239
  • Appendix 15.1 257
  • References 258
  • 16: Reforming Resource-Abundant Transition Economies 260
  • References 275
  • References 294
  • 18: A Nordic Perspective on Natural Resource Abundance 296
  • Part VI Conclusions 314
  • 19: Conclusions 315
  • References 327
  • Index 329
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