Mineral Resources and Economic Development

Abstract

Recent studies assert that natural resource abundance (particularly minerals) has adverse consequences for economic growth. This paper subjects this “resource curse ” hypothesis to critical scrutiny. Our central point is that it is inappropriate to equate development of mineral resources with terms such as “windfalls ” and “booms. ” Contrary to the view of mineral production as mere depletion of a fixed natural “endowment, ” we show that so-called “nonrenewable ” resources have been progressively extended through exploration, technological progress, and advances in appropriate (often country-specific) knowledge. Indeed, minerals constitute a high-tech knowledge industry in many countries. Investment in such knowledge should be seen as a legitimate component of a forward-looking economic development program. This paper draws upon our earlier paper, “Resource-Based Growth Past and Present, ” prepared as a background

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