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Oil revenues and manufacturing output

Author

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  • P. J. Forsyth
  • J. A. Kay

Abstract

In our article in the July 1980 issue of Fiscal Studies, we examined the impact of the growth of North Sea oil production on the domestic economy. A major conclusion of that article was that 'the contraction of manufacturing output, and an increase in domestic absorption on imported manufactures, are the only means by which the British economy can benefit from the North Sea'. That conclusion has been the subject of considerable controversy. In this paper, we attempt to evaluate some of the criticisms which have been made of our analysis and present some extensions and qualifications.

Suggested Citation

  • P. J. Forsyth & J. A. Kay, 1981. "Oil revenues and manufacturing output," Fiscal Studies, Institute for Fiscal Studies, vol. 2(2), pages 9-17, July.
  • Handle: RePEc:ifs:fistud:v:2:y:1981:i:2:p:9-17
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    Cited by:

    1. Gregory, Robert G., 2012. "Living standards, terms of trade and foreign ownership: reflections on the Australian mining boom," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 56(2), June.
    2. van der Ploeg, Frederick, 2006. "Challenges and Opportunities for Resource Rich Economies," CEPR Discussion Papers 5688, C.E.P.R. Discussion Papers.
    3. Francesco Guidi, 2010. "The Economic Effects of Oil Prices Shocks on the UK Manufacturing and Services Sectors," The IUP Journal of Applied Economics, IUP Publications, vol. 0(4), pages 5-34, October.
    4. Frederick van der Ploeg, 2011. "Natural Resources: Curse or Blessing?," Journal of Economic Literature, American Economic Association, vol. 49(2), pages 366-420, June.

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