Ivan L. LyubimovPublished in:
Russian Journal of Entrepreneurship
– Volume 17, Number 10 (May 2016)

JEL classification: N50, O13, O40

Keywords: «resource curse», Dutch disease, economic growth, quality of institutions, raw excess profits


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Abstract:

The article is devoted to the analysis of historical successful and unsuccessful examples of countries with rich natural resources. Upon results of the analysis, the author draws the conclusion that the resource wealth as it is does not pose the great risk or the benefit for the economic growth: the result of the research of these resources depends on the additional factors that include the educational level and the quality of institution. In relation to this, the result of the author's empirical study of the effect of the resource wealth on economic growth rates made in this article is not surprising. Moreover, this result is confirmed by both historical episodes and results of some key studies on the subject of the resource curse. Upon results of the analysis, the author also forms practical recommendations for the Russian economy as one greatest international exporters of the raw material.

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