Qaddafi's Libya produces 0.27 barrels per citizen per day; the United Arab Emirates (where Dubai is located) produces 0.34 barrels per citizen per day. Yet the average Emirati is three times as wealthy as the average Libyan, according to IMF data on gross domestic product at purchasing power parity per capita. Why are Libyans poorer on average than Mexicans while Emiratis richer than Americans?
Saturday, October 22, 2011
Natural Resources and Standard of Living
Natural resource endowments help make a nation prosperous...unless you use them to the almost exclusive benefit of those in power. An example:
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