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Phenomenon Of Plenty: Theory And Diagnosis

Author

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  • SERGEY UZHEGOV

    (University of Sorbonne, France)

Abstract

Present study theoretically explores and empirically diagnoses the Phenomenon of Plenty - paradox of below-potential economic performance of nations generously endowed with natural resources, focusing on oil-rich CIS members: Russia, Azerbaijan, and Kazakhstan. Extending theoretical structure to proposed Four-Component Process it reports existence of direct de-servisation finding previously overlooked cause of oil paradox - downturn of non-tradable sector long-time lacking production forces. Application of elaborated 5-Sign Algorithm for Diagnosis of the Phenomenon of Plenty elicits its presence across evaluated nations.

Suggested Citation

  • Sergey Uzhegov, 2011. "Phenomenon Of Plenty: Theory And Diagnosis," Perspectives of Innovation in Economics and Business (PIEB), Prague Development Center, vol. 9(3), pages 23-29, August.
  • Handle: RePEc:pdc:jrpieb:v:9:y:2011:i:3:p:23-29
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    More about this item

    Keywords

    Phenomenon of Plenty; Dutch disease; oil; direct de-servisation; algorithm for diagnosis.;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)

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