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Resource-richness and economic growth in contemporary US

Jaimes,Richard
; 
Gerlagh,Reyer
Abstract
We study the effects of energy innovation and policy on income growth. Between 1997 and 2014, US corn, soybean, and cotton production almost fully converted to genetically modified crops. Starting around 2007, improved tight oil and shale gas technologies turned the declining US fossil fuel production into a booming industry. We study the effects of these two resource technology revolutions on US state income. We find that the shale revolution increased income in states abundant in oil and gas resources. States dependent on agricultural production also saw an increase in income, which we, however, attribute not only to the GM innovation but to a demand increase brought by the Energy Policy Act of 2005.
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Date
2020-06
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Tilburg University Research Output Collection
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Keywords
Natural resources, Economic growth, Resource curse, Resource blessing, NATURAL-RESOURCES, SHALE GAS, DUTCH-DISEASE, FISCAL-POLICY, FOOD-PRICES, CURSE, OIL, IMPACT, INCOME, PRODUCTIVITY, SDG 8 - Decent Work and Economic Growth, SDG 9 - Industry, Innovation, and Infrastructure
Citation
Jaimes, R & Gerlagh, R 2020, 'Resource-richness and economic growth in contemporary US', Energy Economics, vol. 89, 104810. https://doi.org/10.1016/j.eneco.2020.104810
URI
https://hdl.handle.net/20.500.14602/74314
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