Are resource-abundant economies disadvantaged?

    Research output: Contribution to journalArticle

    Abstract

    Economies well endowed with natural resources relative to other factors of production have grown slower than other economies over the long term. In reviewing possible explanations for this, the article finds unconvincing such common suggestions as declining terms of trade and rising restrictions to primary product markets abroad. It suggests the most likely reason is these countries' own distortionary policy regimes. Recent reforms in some resource-rich economies are already yielding growth dividends. The article also examines the impact of the greening of world preferences and politics on the prospects for resource-abundant economics.
    Original languageEnglish
    Pages (from-to)Jan-23
    JournalAustralian Journal of Agricultural and Resource Economics
    Volume42
    Issue number1
    Publication statusPublished - 1998

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