Development and Growth in Resource-Dependent Countries: Why Social Policy Matters

Thorvaldur Gylfason

Chapter 2 in Mineral Rents and the Financing of Social Policy, 2012, pp 26-61 from Palgrave Macmillan

Abstract: Abstract Social development and economic growth are closely intertwined. Social indicators - such as life expectancy, fertility and literacy - convey a clear and consistent picture of rapid progress around the world in recent decades, and sometimes a more transparent picture than do more commonly used economic indicators. Since 1960, the people of China have seen their life expectancy increase by nine months per year; in India, by four to five months; in Ghana, by more than three months. The sources of greater prosperity and longer lives are gradually becoming better understood, especially the economic forces such as investment, education, trade and economic stability, to name but a few of the determinants of growth identified before the advent of modern growth theory by philosophers and economists from Adam Smith to Arthur Lewis and Robert Solow. Diversification away from excessive dependence on natural resources, including minerals, has been identified as a possible additional source of growth through assorted channels that is discussed next. The role of political and social forces in economic development is less well understood, however, so this is where we begin.

Keywords: Social Capital; Gross Domestic Product; Natural Capital; Capita Growth; Capita Gross Domestic Product (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:sopchp:978-0-230-37091-3_2

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DOI: 10.1057/9780230370913_2

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