SECURITY OF NATURAL RESOURCES AND ENDOGENOUS GROWTH IN A CLOSED ECONOMY
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SECURITY OF NATURAL RESOURCES AND ENDOGENOUS GROWTH IN A CLOSED ECONOMY
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PII
S042473880000616-6-1
Publication type
Article
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Published
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Edition
Pages
38-47
Abstract
The paper investigates the relations between natural resource abundance, market structure, knowledge accumulation and economic growth, using a two-sector model of a closed economy with an imperfectly competitive resource sector. The obtained results contradict the common notion that resource abundance is detrimental to economic growth. It is found that the rate of knowledge accumulation is positively related to resource scarcity, while there is an inverse relationship between resource scarcity and growth. Claimed that it is Dutch Disease or similar effects, characteristic for an open economy, rather than resource abundance per se, that causes lower rates of economic growth in resource rich countries.
Date of publication
01.07.2008
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0
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51
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