Natural Resources, “Vent-for-Surplus”, and the Staples Theory

Ronald Findlay and Mats Lundahl

Chapter 5 in From Classical Economics to Development Economics, 1994, pp 68-93 from Palgrave Macmillan

Abstract: Abstract The “vent-for-surplus” approach to trade and development, which Hla Myint (1958) derived from the writings of Adam Smith, is a celebrated contribution to economics. The objective of our paper is to unify the “vent-for-surplus” approach with what Watkins (1963) has called the “staples” theory of economic growth and with the factor proportions theory of comparative advantage. The basis for the proposed unification will be the concept of an endogenous land frontier.

Keywords: Real Wage; Capital Inflow; Coffee Production; Gold Coast; Recent Settlement (search for similar items in EconPapers)
Date: 1994
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DOI: 10.1007/978-1-349-23342-7_5

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