On Fri, 27 Feb 2004 16:16:19 +0100, Jurriaan Bendien wrote:
> > This year's trendily daft > notion is that "the > curse of natural resources" is to blame for Russia's > fate. That's right: > Russia's problem is that it's got far too much oil, My old economics prof Steven Nickell, in relation to North Sea Oil and the UK economy, used to remark that it was curious that so many economists spent so much time on the claim that it was bad news to strike oil in your back yard, and their having done so, it was curious that they were not simply recognised as loonies and treated as a public health problem. quite a dry wit he had. He also, in relation to the empirical evidence on efficient markets theory, remarked that it was "enough to make you weep, if you cared about that sort of thing". dd
