Economic theory predicts that the current change in national wealth, broadly defined to include natural and human capital as well as produced capital (ldquo;genuine savingsrdquo;), determines whether the present value of future changes in consumption is positive or negative. Theoretical research...

Economic theory predicts that the current change in national wealth, broadly defined to include natural and human capital as well as produced capital ("genuine savings"), determines whether the present value of future changes in consumption is positive or negative. Theoretical research has...

Questions about the ultimate size of mineral and energy resource endowments and the degree of fiscal prudence which should be exercised by countries engaged in resource extraction have become central for many developing countries during the recent resource boom. To explore these questions, this...