less than the marginal resource rents equals the expected capital gains on reserves of natural resources plus the expected … end up with lower sustainable consumption and are worse off, especially if seepage is strong, the number of rival groups …

depletion are faster than demanded by the Hotelling rule. As a result, the country substitutes away from resources to capital so … that it saves and invests more than a homogenous society. The power struggle boosts output. Nevertheless, fractionalization …-pool externalities. Fractionalization induces, however, positive genuine saving as measured by the World Bank. …

regressions, while indicators for human capital and political and ethnic instability lose significance. The coefficient of a dummy …

resource revenues relax constraints on the supplies of capital and of government funds. The level of saving should be somewhat …

investment share, initial human capital, trade openness, the national income share of natural resource exports and population … growth, but capital account restrictions lower volatility and boost growth. These effects are especially strong in resource …