Conclusion

Abstract

Exploitation of valuable natural resources like oil, gas, diamonds, and minerals has proven more of a curse than a blessing for many countries—giving rise to economic and political problems such as the Dutch Disease, deterioration of terms of trade, lower GDP per capita or economic growth rates, corruption, reduced government accountability, increasing violent conflict, and so on. However, Acar concentrates on the consequences of utilizing natural resources examining panels of countries in terms of human development and genuine savings. The results demonstrate that each type of resource has its own channels to exert influence on human well-being and sustainable development. Besides, there is no automatic way from economic growth to human well-being. Differences in policies as well as institutional contexts lie behind varying outcomes.