The institutional basis of efficiency in resource-rich countries.

Hartwell, C. A., 2016. The institutional basis of efficiency in resource-rich countries. Economic Systems, 40 (4), 519 - 538.

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DOI: 10.1016/j.ecosys.2016.02.004

Abstract

The “resource curse” is a familiar and recurring theme in development economics. But does resource abundance also lead to resource inefficiency? And if so, what can contribute to better usage of a country's resources for development? This paper examines 130 countries from 1970 to 2011, both resource-abundant and resource-scarce, and concludes that, on average, resource-abundant countries utilize resources less efficiently. Examining the institutional factors that may explain this disparity in usage, we find that several key institutions are necessary for increasing resource use efficiency, with private property showing the largest economic and statistical significance. By improving basic institutions, resource-rich countries can thus see more environmentally sustainable growth.

Item Type:Article
ISSN:0939-3625
Uncontrolled Keywords:Resource abundance; Institutions; Materials intensity; Bayesian model averaging
Group:Faculty of Management
ID Code:30639
Deposited By: Unnamed user with email symplectic@symplectic
Deposited On:30 Apr 2018 15:57
Last Modified:30 Apr 2018 15:57

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