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Research ArticleArticles

Are Resource Booms a Blessing or a Curse? Evidence from People (not Places)

Grant D. Jacobsen, Dominic P. Parker and Justin B. Winikoff
Published online before print February 10, 2021, 0320-10761R1; DOI: https://doi.org/10.3368/jhr.58.4.0320-10761R1
Grant D. Jacobsen
Grant Jacobsen is an associate professor in the School of Planning, Public Policy, and Management at the University of Oregon.
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Dominic P. Parker
Dominic Parker is an associate professor in the Department of Agricultural and Applied Economics at the University of Wisconsin-Madison.
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  • For correspondence: [email protected]
Justin B. Winikoff
Justin Winikoff is an economist at the USDA Economic Research Service.
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Abstract

We provide the first estimates of the long-run effects of temporary resource booms on the income of people, rather than places, focusing on the U.S. oil boom and bust of the 1980s. Using annual household-level longitudinal data spanning 1969 to 2012, we find positive effects during the boom period and negative effects during the bust period. The cumulative net effect of the boom-bust on life-time earnings was arguably negative when restricting the sample to prime working years (<55) and positive otherwise only because the boom delayed retirement. The evidence suggests the boom was ultimately a curse for the average household. It failed to generate net income gains during prime age and its volatility caused costly income-smoothing later in life.

Keywords:
  • resource curse
  • resource boom
  • oil
  • volatility
  • retirement
JEL Codes:
  • Q33
  • J26
  • J30

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Journal of Human Resources: 58 (6)
Journal of Human Resources
Vol. 58, Issue 6
1 Nov 2023
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Are Resource Booms a Blessing or a Curse? Evidence from People (not Places)
Grant D. Jacobsen, Dominic P. Parker, Justin B. Winikoff
Journal of Human Resources Feb 2021, 0320-10761R1; DOI: 10.3368/jhr.58.4.0320-10761R1

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Are Resource Booms a Blessing or a Curse? Evidence from People (not Places)
Grant D. Jacobsen, Dominic P. Parker, Justin B. Winikoff
Journal of Human Resources Feb 2021, 0320-10761R1; DOI: 10.3368/jhr.58.4.0320-10761R1
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Keywords

  • resource curse
  • resource boom
  • oil
  • volatility
  • retirement
  • Q33
  • J26
  • J30
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