Chapter

Natural Resources, Capital Accumulation, Structural Change, and Welfare

Richard M. Auty and Sampsa. Kiiski

in Resource Abundance and Economic Development

Published in print October 2004 | ISBN: 9780199275786
Published online April 2005 | e-ISBN: 9780191602160 | DOI: http://dx.doi.org/10.1093/0199275785.003.0002

Series: WIDER Studies in Development Economics

Natural Resources, Capital Accumulation, Structural Change, and Welfare

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This chapter establishes the stylised facts on capital accumulation, structural change, and social welfare in developing countries with different natural resource endowments. It is shown that the development of resource-abundant countries varies depending on their natural resource endowment. Resource-deficient countries diversify into manufactured production and exports sooner, and are less prone to trade policy closure.

Keywords: resource-abundant developing countries; resource-deficient; economic development; capital accumulation; structural change; social welfare; natural resource

Chapter.  7541 words.  Illustrated.

Subjects: Economic Development and Growth

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