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Curse and Boon: Natural Resources and Long-Run Growth in Currently Rich Economies

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  • DAVID GREASLEY
  • JAKOB B. MADSEN

Abstract

Sceptics of the resource curse hypothesis highlight that many currently rich countries, including the United States of America initially had abundant natural resources. Using new 16-country post-1870 annual data and controlling for international spill-over in knowledge, we demonstrate a robust negative land resource-productivity trade-off among major Organisation for Economic Cooperation and Development economies. However, we find that abundance in mineral resources positively influenced productivity. Using insights from the new economic geography we argue that productivity-augmenting knowledge-related agglomeration effects are natural resource-specific and favoured mineral-rich countries. Copyright © 2009 The Economic Society of Australia.

Suggested Citation

  • David Greasley & Jakob B. Madsen, 2010. "Curse and Boon: Natural Resources and Long-Run Growth in Currently Rich Economies," The Economic Record, The Economic Society of Australia, vol. 86(274), pages 311-328, September.
  • Handle: RePEc:bla:ecorec:v:86:y:2010:i:274:p:311-328
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    Cited by:

    1. Dauvin, Magali & Guerreiro, David, 2017. "The Paradox of Plenty: A Meta-Analysis," World Development, Elsevier, vol. 94(C), pages 212-231.
    2. Matteo Cervellati & Uwe Sunde, 2015. "The Economic and Demographic Transition, Mortality, and Comparative Development," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(3), pages 189-225, July.
    3. David Greasley & Nick Hanley & Eoin McLaughlin & Les Oxley, 2014. "The Emperor Has New Clothes: Empirical Tests of Mainstream Theories of Economic Growth," Discussion Papers in Environment and Development Economics 2014-01, University of St. Andrews, School of Geography and Sustainable Development.
    4. Simon Ville & Olav Wicken, 2013. "The dynamics of resource-based economic development: evidence from Australia and Norway," Industrial and Corporate Change, Oxford University Press, vol. 22(5), pages 1341-1371, October.
    5. Greasley, David & Hanley, Nick & McLaughlin, Eoin & Oxley, Les, 2014. "The Emperor Has New Clothes: Empirical Tests of Mainstream Theories of Economic Growth," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 2015-01, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. David Greasley & Jakob B. Madsen, 2017. "The Rise and Fall of Exceptional Australian Incomes Since 1800," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 57(3), pages 264-290, November.
    7. repec:sss:wpaper:201401 is not listed on IDEAS
    8. Greasley, David & Hanley, Nicholas & Kunnas, Jan & McLaughlin, Eoin & Oxley, Les & Warde, Paul, 2013. "Comprehensive investment and future well-being in the USA, 1869-2000," Stirling Economics Discussion Papers 2013-06, University of Stirling, Division of Economics.

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