Chapter

The Sustainability of Extractive Economies

Kirk. Hamilton

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/10.1093/0199275785.003.0003

Series: WIDER Studies in Development Economics

The Sustainability of Extractive Economies

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This chapter presents a theoretical approach to measure whether an economy is on a sustainable path, and then presents empirical evidence on the sustainability of various extractive economies. An indicator of sustainability termed ‘genuine saving’ is developed, which accounts for the effects of natural resource depletion and environmental degradation in measuring national savings. Distinctive patterns of genuine savings across country incomes and natural resource endowment groups are observed. Robust savings do not ensure a smooth development path if the quality of investment is low.

Keywords: sustainable economic development; extractive economies; resource-abundant economies; genuine saving; national accounts

Chapter.  7897 words.  Illustrated.

Subjects: Economic Development and Growth

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