less than the marginal resource rents equals the expected capital gains on reserves of natural resources plus the expected … end up with lower sustainable consumption and are worse off, especially if seepage is strong, the number of rival groups …

depletion are faster than demanded by the Hotelling rule. As a result, the country substitutes away from resources to capital so … that it saves and invests more than a homogenous society. The power struggle boosts output. Nevertheless, fractionalization …-pool externalities. Fractionalization induces, however, positive genuine saving as measured by the World Bank. …

expressions for this price increase. Our calibration leads to a price increase of 40% if capital and labor are allowed to move to …

We estimate an aggregate production function with constant elasticity of substitution between energy and a capital …-price shocks in the 1970s and has a negative medium-run correlation with capital/labor-saving technical change. Our findings are … suggestive of a model of directed technical change, with low short-run substitutability between energy and capital/labor but …

colossal relative to its intergenerational fund. Only with capital scarcity, part of the windfall should be used for investing …