West Virginia Public News Service – Why do so many places rich in natural resources, like West Virginia, end up so poor? Read.
Ted Boettner, executive director at the West Virginia Center on Budget and Policy, has been researching what’s known as the “Resource Curse.” He’s found most states and countries focused on mining and drilling end up growing more slowly, and their residents experience higher levels of poverty than places with more diversified economies.
Boettner said part of the reason is that investment, political power, and the smartest people tend to be accumulate almost entirely in those resource industries. And he said studies have shown that relying too heavily on a single industry leads to slow growth.
We have a great newsletter, join below: