Natural resources and the wealth of nations in a globalized world economy
We study the long run relationship between natural resources abundance and wealth of countries producing differentiated products sold in the international market. When the price (terms of trade) of national products depend on the human capital used to produce them, natural resources may lead to inferior long run production. This is the case if natural resources are neither irrelevant nor focal for the production possibilities of the economy.
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- Thorvaldur Gylfason, 2001.
"Nature, Power, and Growth,"
CESifo Working Paper Series
413, CESifo Group Munich.
- Gary D. Hansen & Edward C. Prescott, 1999.
"Malthus to Solow,"
257, Federal Reserve Bank of Minneapolis.
- Gylfason, Thorvaldur, 2001.
"Natural resources, education, and economic development,"
European Economic Review,
Elsevier, vol. 45(4-6), pages 847-859, May.
- Gylfason, Thorvaldur, 2000. "Natural Resources, Education, and Economic Development," CEPR Discussion Papers 2594, C.E.P.R. Discussion Papers.
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