Is there a “Natural Resources Curse?”

Oil, coal, gas, gold, diamonds, and other minerals are a great source of wealth for the countries that have these natural resources beneath the surface of their land. However, resources and development do not always go hand-in-hand. For a long time, economics literature has talked about the “curse of natural resources.” In the 2000’s, this theory is questioned: this “curse” may in fact just be a statistical artifact. The economists Nicolas Clootens and Djamel Kirat provide another perspective to the argument.