Resource-richness and economic growth in contemporary US

Richard Jaimes; Reyer Gerlagh

doi:10.1016/j.eneco.2020.104810

Resource-richness and economic growth in contemporary US

Richard Jaimes^*, Reyer Gerlagh

^*Corresponding author for this work

Research output: Contribution to journal › Article › Scientific › peer-review

12 Citations (Scopus)

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.

Original language	English
Article number	104810
Journal	Energy Economics
Volume	89
DOIs	https://doi.org/10.1016/j.eneco.2020.104810
Publication status	Published - Jun 2020

Keywords

Natural resources
Economic growth
Resource curse
Resource blessing
NATURAL-RESOURCES
SHALE GAS
DUTCH-DISEASE
FISCAL-POLICY
FOOD-PRICES
CURSE
OIL
IMPACT
INCOME
PRODUCTIVITY

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10.1016/j.eneco.2020.104810

Resource-richness and economic growth in contemporary U.S.
Jaimes, R. (Creator) & Gerlagh, R. (Contributor), Mendeley Data, 13 Jan 2021
DOI: 10.17632/x4m9cy5xvc.3, https://data.mendeley.com/datasets/x4m9cy5xvc
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title = "Resource-richness and economic growth in contemporary US",

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.",

keywords = "Natural resources, Economic growth, Resource curse, Resource blessing, NATURAL-RESOURCES, SHALE GAS, DUTCH-DISEASE, FISCAL-POLICY, FOOD-PRICES, CURSE, OIL, IMPACT, INCOME, PRODUCTIVITY",

author = "Richard Jaimes and Reyer Gerlagh",

year = "2020",

month = jun,

doi = "10.1016/j.eneco.2020.104810",

language = "English",

volume = "89",

journal = "Energy Economics",

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AU - Jaimes, Richard

AU - Gerlagh, Reyer

PY - 2020/6

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N2 - 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.

AB - 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.

KW - Natural resources

KW - Economic growth

KW - Resource curse

KW - Resource blessing

KW - NATURAL-RESOURCES

KW - SHALE GAS

KW - DUTCH-DISEASE

KW - FISCAL-POLICY

KW - FOOD-PRICES

KW - CURSE

KW - OIL

KW - IMPACT

KW - INCOME

KW - PRODUCTIVITY

U2 - 10.1016/j.eneco.2020.104810

DO - 10.1016/j.eneco.2020.104810

M3 - Article

SN - 0140-9883

VL - 89

JO - Energy Economics

JF - Energy Economics

M1 - 104810

ER -

Resource-richness and economic growth in contemporary US

Abstract

Keywords

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Resource-richness and economic growth in contemporary U.S.

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