Why The Resource Curse Is A Concern

?The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. . . . But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil.? John Maynard Keynes The General Theory (1936) Policy analysts, economists and others have tradition-ally considered mining and mineral wealth a boon, providing rich countries with the resources needed to sustain their modern industrial economies while helping poorer countries generate the foreign exchange, tax revenues and other assets necessary for economic growth and development. Nevertheless, this conventional view has always had its critics.