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Information Journal Paper

Title

NATURAL RESOURCE ABUNDANT, HUMAN CAPITAL AND ECONOMIC GROWTH IN PETROLEUM EXPORTING COUNTRIES

Pages

  125-147

Abstract

 Growth literature indicates that HUMAN CAPITAL, education and technological progress are effective factors on ECONOMIC GROWTH. Empirical studies present that natural resource abundance have an important role on ECONOMIC GROWTH in natural-resource rich countries. This study essay investigates the relationship between natural resource abundance, HUMAN CAPITAL and ECONOMIC GROWTH in two cases of petroleum exporters' countries: A) Major petroleum exporters1 B) Other petroleum exporters.We use a PANEL DATA for the period 1970-2004. The results indicate that physical investment and openness have positive impact on ECONOMIC GROWTH, and resource abundant and government expenditure ae inversely related with ECONOMIC GROWTH.Human capital has a different impact in the two cases It has a negative impact on ECONOMIC GROWTH in the first case, but a positive impact in the second case We can conclude that HUMAN CAPITAL can be main factor to explain slow growth in resource rich countries. Countries that are rich in mineral and oil resources neglect the developing of their human resources by devoting inadequate attention and expenditure to education. So these countries have lower growth rate with respect to others.

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