Summary
Is the availability and commercial use of natural resources good or bad for economic development? Some countries have become notoriously rich, while others suffer from the resource curse. This micro-exam discusses natural resources as a means of national wealth and as a factor of production from an institutional theory perspective. It critically evaluates the hypothesis derived from the concept of the resource curse and develops some important criteria for natural resources to play a positive role in the process of economic catch-up in less developed countries. Case studies are used to make the story even more compelling.
Competences
Students acquire the ability to analyze the role of natural resources in economic catch-up development. They are able to critically evaluate the common hypothesis of the resource curse and develop a theory-based, well-founded strategic economic policy concept for a positive role of natural resources in economic development.
