EH.Net Abstracts in Economic History

                ABSTRACTS IN ECONOMIC HISTORY
                     (c) 2005 EH.Net
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Name: Jesse Czelusta
Email: czelusta at stanford.edu
Institution:  Stanford University

Co-author: none

Title: The Historical Non-Existence of Resource Endowments

Internet Address of abstracted work: not available

By mail:
1079 McGregor Way
Palo Alto, CA 94306

Language: English

Abstract:
The assumption that minerals are exogenous endowments is ingrained in 
the literature on natural resources and growth. Yet the empirical 
fact is that quantities have risen dramatically even though prices 
exhibit no clear long-term trend. This paper argues against the 
former assumption by attempting to explain the latter fact. We 
estimate country level supply curves and shifts in these curves for 
long stretches of history. This econometric examination is an 
important first step in assessing whether the growth of minerals 
availability has been driven by unsustainable extraction from 
previously untapped regions of the globe or by developing minerals 
potential within existing areas of production. We find that, almost 
without exception, supply curves have been shifting outward over 
time. To frame an historical analysis, we next estimate breaks in 
these rates of shift for individual countries and for the world. 
Comparative study reveals that investment in minerals sectors, 
advances in knowledge, and policies supportive of these have been 
important sources of minerals abundance.

Bibliography: Czelusta, Jesse. "The Historical Non-Existence of 
Resource Endowments." Stanford University, Working Paper, 2005.

Subject: A
Geographical Area: 0
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