This paper deals with the implications of natural resources for the conduct of economic policies and the role and design of institutions in resource-rich countries. The paper briefly reviews the experience of a few resource-rich countries, highlighting the successes of those that have done well...

After World War II economic policy in Europe comprised considerable elements of planning. The paper discusses how this shift was related to the conceived failure of the free enterprise economy to provide full employment in the interwar period and to the war experience. The Norwegian post-war...