Natural resources,education, and economic development |
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| Affiliation: | 1. International Monetary Fund, Washington D.C., United States;2. EconomiX, University of Paris Ouest, France;3. Paris School of Economics, France;4. INRA, France;1. Department of Economics, Curtin University, Perth, Australia;2. J. Whitney Bunting College of Business, Georgia College & State University, Milledgeville, GA 31061, United States;1. College of Business Administration, King Saud University, Riyadh, Saudi Arabia;2. Department of Management Sciences, COMSATS Institute of Information Technology, Lahore, Pakistan;3. Universiti Sultan Zainal Abidin, 21030 Kuala Terengganu, Terengganu, Malaysia |
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| Abstract: | ![]()
Economic growth since 1965 has varied inversely with the share of natural capital in national wealth across countries. Four main channels of transmission from abundant natural resources to stunted economic development are discussed: (a) the Dutch disease, (b) rent seeking, (c) overconfidence, and (d) neglect of education. Public expenditure on education relative to national income, expected years of schooling for girls, and gross secondary-school enrolment are all shown to be inversely related to the share of natural capital in national wealth across countries. Natural capital appears to crowd out human capital, thereby slowing down the pace of economic development. |
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