Input substitution theoretically invalidates the resource flow predictions of effective rates of protection calculated in a partial equilibrium framework. Partial equilibrium effective protection analysis, despite this "substitution problem," has nevertheless quietly settled into the trade...

Between 1995 and 2001, Jeffrey Sachs and Andrew Warner published a series of influential studies examining mining and energy’s role in economic growth. Their principle finding was that economies heavily dependent on extractive activities in 1971 grew more slowly than non-extractive economies...

There are frequent suggestions that economies that specialize in mineral and energy extraction generate a type of growth that fails to concurrently benefit the poor. The dynamic effects creating this outcome could include increasing income inequality associated with extraction-led growth or...

Optimal investment in a nonrenewable resource project occurs when the rate of increase of the project's forward value falls to the force of interest. This stopping rule yields a financial interpretation of resource quality as being a property of the project rather than of individual units of...