Natural resources and patterns of overtaking

Böhm V, Kikuchi T, Vachadze G (2014)
International Journal of Economic Theory 10(2): 167-177.

Journal Article | Published | English

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This paper shows how intergenerational trading of non-depletable natural resources may affect investment in physical capital, implying distinct patterns of overtaking between countries. Specifically, the results indicate that the elasticity of the marginal utility of natural resources plays a crucial role. When the elasticity is less than unity, a resource-abundant country may be overtaken by a resource-scarce country. In this case, savings are withdrawn from productive investment to acquire natural resources. Conversely, when it is greater than unity, the reverse pattern of overtaking may occur since investment in natural resources and in physical capital go hand in hand.
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Böhm V, Kikuchi T, Vachadze G. Natural resources and patterns of overtaking. International Journal of Economic Theory. 2014;10(2):167-177.
Böhm, V., Kikuchi, T., & Vachadze, G. (2014). Natural resources and patterns of overtaking. International Journal of Economic Theory, 10(2), 167-177.
Böhm, V., Kikuchi, T., and Vachadze, G. (2014). Natural resources and patterns of overtaking. International Journal of Economic Theory 10, 167-177.
Böhm, V., Kikuchi, T., & Vachadze, G., 2014. Natural resources and patterns of overtaking. International Journal of Economic Theory, 10(2), p 167-177.
V. Böhm, T. Kikuchi, and G. Vachadze, “Natural resources and patterns of overtaking”, International Journal of Economic Theory, vol. 10, 2014, pp. 167-177.
Böhm, V., Kikuchi, T., Vachadze, G.: Natural resources and patterns of overtaking. International Journal of Economic Theory. 10, 167-177 (2014).
Böhm, Volker, Kikuchi, Tomoo, and Vachadze, George. “Natural resources and patterns of overtaking”. International Journal of Economic Theory 10.2 (2014): 167-177.
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