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Innovation and Growth in Resource Rich Countries

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  • W.F. Maloney

Abstract

Numerous resource rich economies have been far more dynamic than those in Latin America and there is little long term evidence that natural resource abundant countries generally under perform. But two factors historically distinguish Latin America from the more successful experiences of Scandinavia or Australia. First, deficient national "learning" or "innovative" capacity arising from low investment in human capital and scientific infrastructure led to weak ability to innovate or even take advantage of technological advances abroad. Second, the period of inward looking industrialization created a sector whose growth depended on artificial monopoly rents rather than the quasi-rents arising from technological adoption, and at the same time undermined resource intensive sectors that had the potential for dynamic growth.

Suggested Citation

  • W.F. Maloney, 2002. "Innovation and Growth in Resource Rich Countries," Working Papers Central Bank of Chile 148, Central Bank of Chile.
  • Handle: RePEc:chb:bcchwp:148
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    File URL: http://si2.bcentral.cl/public/pdf/documentos-trabajo/pdf/dtbc148.pdf
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    References listed on IDEAS

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    1. Douglas A. Irwin, 2000. "How Did the United States Become a Net Exporter of Manufactured Goods?," NBER Working Papers 7638, National Bureau of Economic Research, Inc.
    2. Robert E. Hall & Charles I. Jones, 1999. "Why do Some Countries Produce So Much More Output Per Worker than Others?," The Quarterly Journal of Economics, Oxford University Press, vol. 114(1), pages 83-116.
    3. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    4. Meredith, D., 1995. "The Role of Education and Heath Services in the Economic Development of Australia and Argentina: 1880-1940," Papers 95/34, New South Wales - School of Economics.
    5. Peter J. Wylie, 1990. "Indigenous Technological Adaptation in Canadian Manufacturing, 1900-1929," Canadian Journal of Economics, Canadian Economics Association, vol. 23(4), pages 856-872, November.
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    Cited by:

    1. Kaznacheev, Peter, 2013. "Resource Rents and Economic Growth," Published Papers kazn01, Russian Presidential Academy of National Economy and Public Administration.
    2. Claudio Bravo-Ortega & Jose De Gregorio, "undated". "The Relative Richness of the Poor? Natural Resources, Human Capital and Economic Growth," Working Papers Central Bank of Chile 139, Central Bank of Chile.
    3. World Bank, 2004. "Chile : New Economy Study, Volume 2. Background Documents," World Bank Other Operational Studies 14711, The World Bank.
    4. SAIBU, Olufemi Muibi, 2012. "Energy Resources, Domestic Investment and Economic Growth: Empirical Evidence from Nigeria," MPRA Paper 34392, University Library of Munich, Germany.

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