Property rights,mobile capital,and comparative advantage |
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| Institution: | 1. School of Earth Science and Geological Engineering, Sun Yat-Sen University, 510275, China;2. Guangdong Key Laboratory of Geological Process and Mineral Resources Exploration, Guangzhou 510275, China;3. Institute of Geomechanics, Chinese Academy of Geological Sciences, 100081, China;1. Division of Social Science, New York University Abu Dhabi, United Arab Emirates;2. Center for Applied Economics, Department of Industrial Engineering, Universidad de Chile, Chile;1. College of Earth Sciences, Jilin University, Changchun, 130061, China;2. Key Laboratory for Oil Shale and Paragenetic Energy Minerals, Jilin University, Changchun, 130061, China;3. Department of Earth and Planetary Sciences and MQMarine Research Centre, Macquarie University, North Ryde, NSW, 2109, Australia;4. Center of Oil and Gas Resources Survey, China Geological Survey, Beijing, 100083, China |
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| Abstract: | Recent papers show that imperfect property rights to a natural resource – a sector-specific factor–can be a source of comparative advantage. In these models, weaker property rights attract labor–the only mobile factor – to the resource sector, increasing the country's comparative advantage for that sector. If capital in addition to labor is mobile, and if the benefits of capital are non-excludable or if the degree of property rights is endogenous, a deterioration of property rights has ambiguous effects on comparative advantage and on the equilibrium wage/rental ratio. |
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