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The institutional basis of efficiency in resource-rich countries

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  • Hartwell, Christopher A.

Abstract

The “resource curse” is a familiar and recurring theme in development economics. But does resource abundance also lead to resource inefficiency? And if so, what can contribute to better usage of a country’s resources for development? This paper examines 130 countries from 1970 to 2011, both resource-abundant and resource-scarce, and concludes that, on average, resource-abundant countries utilize resources less efficiently. Examining the institutional factors that may explain this disparity in usage, we find that several key institutions are necessary for increasing resource use efficiency, with private property showing the largest economic and statistical significance. By improving basic institutions, resource-rich countries can thus see more environmentally sustainable growth.

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  • Hartwell, Christopher A., 2016. "The institutional basis of efficiency in resource-rich countries," Economic Systems, Elsevier, vol. 40(4), pages 519-538.
    • Handle: RePEc:eee:ecosys:v:40:y:2016:i:4:p:519-538
    DOI: 10.1016/j.ecosys.2016.02.004
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    More about this item

    Keywords

    Resource abundance; Institutions; Materials intensity; Bayesian model averaging;
    All these keywords.

    JEL classification:

    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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