Many countries badly mismanage their natural resource endowments. We argue that a fundamental change in paradigm is needed. Specifically, we advocate treating non-renewable natural resources as a finite shared inheritance asset, and extraction as the sale of the inherited wealth. We identify...

Norway’s management of its North Sea oil endowment, especially its future generations Oil Fund, is considered the global best practice. Some practice aspects such as no flaring of gas or a moderate pace of extraction go against standard economic theory. The public trust doctrine in law...

Hartwick’s rule says that as mineral resources are extracted from the ground, investments in productive assets need to be made to leave future generations with as much assets as the present generation. This article examines whether mining in Goa meets Hartwick’s rule, and finds that the...

The public trust doctrine makes natural resources a part of the commons, owned equally by all, and legally owned by the state. The resources and opportunities that the present generation have inherited must be available to future generations in perpetuity. In the Goa mining case, the Supreme...

Hartwick's rule says that as mineral resources are extracted from the ground, investments in productive assets need to be made to leave future generations with as much assets as the present generation. This article examines whether mining in Goa meets Hartwick's rule, and finds that the state...

The report on mining in Goa by the National Council of Applied Economic Research (NCAER 2010b) was criticised by Pranab Mukhopadhyay and Gopal K Kadekodi (hereafter MG) inEPW (12 November 2011). This author also commented on the conclusions of the report and raised several ethical issues (EPW,...

This comment on “Missing the Woods for the Ore: Goa's Development Myopia” by Pranab Mukhopadhyay and Gopal K Kadekodi further criticises “A Study on Goan Iron Ore Mining Industry”, the 2010 report of the National Council of Applied Economic Research

The System of National Accounts 2008 (SNA) and the Government Finance Statistics Manual 2014 (GFSM) are undergoing revision to better capture the extraction of mineral assets. We discuss current practices and the proposed changes and argue that they give a misleading picture of governments’...