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Natural Resources and Economic Growth: The Role of Investment

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Author Info
Thorvaldur Gylfason
Gylfi Zoega

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Abstract

Is it possible that relying too heavily on natural resources affects saving and investment in a way that hampers economic growth? – and thus, in the long run, the level of output per capita. This paper reviews the literature, explores the data and compares and contrasts the explanatory power and interplay of natural resources and civil liberties, our proxy for institutional variables currently under scrutiny in the literature. We propose that natural resources may be viewed as an exogenous factor that hampers economic development and investment as well as institutions.

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File URL: http://www.degit.ifw-kiel.de/papers/degit_09/C009_011.pdf
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Publisher Info
Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c009_011.

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Length: 19 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:deg:conpap:c009_011

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Related research
Keywords: Economic growth; natural resources; investment;

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Find related papers by JEL classification:
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

References listed on IDEAS
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