Natural Resources, “Vent-for-Surplus”, and the Staples Theory

Abstract

The “vent-for-surplus” approach to trade and development, which Hla Myint (1958) derived from the writings of Adam Smith, is a celebrated contribution to economics. The objective of our paper is to unify the “vent-for-surplus” approach with what Watkins (1963) has called the “staples” theory of economic growth and with the factor proportions theory of comparative advantage. The basis for the proposed unification will be the concept of an endogenous land frontier.

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