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Resource Abundance and Economic Development$
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R. M. Auty

Print publication date: 2004

Print ISBN-13: 9780199275786

Published to Oxford Scholarship Online: April 2005

DOI: 10.1093/0199275785.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 June 2021

The Sustainability of Extractive Economies

The Sustainability of Extractive Economies

(p.36) 3 The Sustainability of Extractive Economies
Resource Abundance and Economic Development

Kirk. Hamilton

Oxford University Press

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

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