Shown by Nigeria’s chicken shortage, a country’s oil wealth can become a resource curse when it prevents an economy from diversifying.
Avoided by Norway, Dutch disease is contracted by nations that let a commodity windfall dominate what they produce and spend.
The Saudi king’s golden escalators are examples of their affluence from oil and the need for Saudi diversification from oil.
Just six years ago, Stephen Colbert told us that the Mongolian edition of Cosmopolitan was selling for 7,000 tugriks. He added that subscribers got half off the newsstand price and a free goat bladder phone. The arrival of Cosmo was an…
This week’s economic news summary included price and the neurology of shopping, time and globalization, stock market history and the Brazilian gender gap.
Like Dutch Disease, Alaska’s oil industry dependence has eliminated other government revenue that might be necessary now that the price of oil has plunged.