The Elusive Curse of Oil
by Michael Alexeev and Robert Conrad. Reading for week of December 6, 2005.
Published: Wednesday, November 30, 2005Our goal is to show that contrary to the claims made in several recent papers, the effect of a large endowment of oil and other mineral resources on long-term economic growth of countries has been on balance positive. Moreover, the claims of a negative effect of oil and mineral wealth on the countries' institutions as well as on some other factors potentially affecting economic growth do not appear to be valid.
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