Alleged resource curse a problem for oil and industry

Economists increasingly discuss a phenomenon with potential to keep companies away from international exploration and production opportunities.They call it the resource curse.It's indicated by lack of a positive relationship between a nation's natural resources and other forms of economic wealth, according to William C. Gruben, vice-president and senior economist, and Sarah Darley, research assistant, of the Federal Reserve Bank of Dallas.In an article about Venezuela for the Dallas Fed's Southwest Economy newsletter, Gruben and Darley point out that resource-rich countries grow slower on average than resource-poor ones.How can this be?Focusing on economic aspects of the resou...

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