Resource Rents and their Impact on Institutional and Economic Development

Ian Keay

No 273619, Queen's Economics Department Working Papers from Queen's University - Department of Economics

Abstract: Over the twentieth century Canada’s energy, forestry, and mining industries played a substantial and increasing role in the growth and development of the aggregate economy. Despite the improving fundamentals that were underlying their increased contributions to the size, capital intensity, and productivity of the aggregate economy, the relative profitability and equity market performance of the resource industries deteriorated over the twentieth century. Without having to invoke entrepreneurial failure among the resource industries or equity market inefficiency, I am able to illustrate that falling relative output prices played the key role in a reconciliation of what, at first glace, appears to be a surprising relationship between the resource industries’ fundamentals, resource rents, and equity market performance.

Keywords: Financial Economics; International Development (search for similar items in EconPapers)
Pages: 34
Date: 2007-08
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Working Paper: Resource Rents and their Impact on Institutional and Economic Development (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:quedwp:273619

DOI: 10.22004/ag.econ.273619

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