Trade, growth and welfare in a natural resource‐rich country

Asks how hard should a small natural resource‐rich (NRR) country try to escape from a path of economic development which has been shaped by its physical resource endowments, a question relevant to Clem Tisdell’s own country, Australia and also New Zealand and Canada, among others. Comments on the perception that a country well endowed with all manner of natural resources may nonetheless not be making as much of its opportunities as it could. Looks at what is actually happening in Australia, questions whether it is a worry and if so, what should policy makers do?