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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.

Suggested Citation

  • Matteo Cervellati & Piergiuseppe Fortunato, 2004. "Natural resources and the wealth of nations in a globalized world economy," Cahiers de la Maison des Sciences Economiques v04068, Université Panthéon-Sorbonne (Paris 1).
  • Handle: RePEc:mse:wpsorb:v04068

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    References listed on IDEAS

    1. Gylfason, Thorvaldur, 2001. "Nature, Power, and Growth," Scottish Journal of Political Economy, Scottish Economic Society, vol. 48(5), pages 558-588, November.
    2. Gary D. Hansen & Edward C. Prescott, 2002. "Malthus to Solow," American Economic Review, American Economic Association, vol. 92(4), pages 1205-1217, September.
    3. Gylfason, Thorvaldur, 2001. "Natural resources, education, and economic development," European Economic Review, Elsevier, vol. 45(4-6), pages 847-859, May.
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    More about this item


    Natural resources; globalization; human capital.;

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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