Natural resources, education, and economic development
AbstractEconomic growth since 1965 has varied inversely with the share of natural capital in national wealth across countries. Four main channels of transmission from abundant natural resources to stunted economic development are discussed: (a) the Dutch disease, (b) rent seeking, (c) overconfidence, and (d) neglect of education. Public expenditure on education relative to national income, expected years of schooling for girls, and gross secondary-school enrolment are all shown to be inversely related to the share of natural capital in national wealth across countries. Natural capital appears to crowd out human capital, thereby slowing down the pace of economic development.
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Bibliographic InfoArticle provided by Elsevier in its journal European Economic Review.
Volume (Year): 45 (2001)
Issue (Month): 4-6 (May)
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Web page: http://www.elsevier.com/locate/eer
Other versions of this item:
- Gylfason, Thorvaldur, 2000. "Natural Resources, Education, and Economic Development," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2594, C.E.P.R. Discussion Papers.
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
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