Consider two countries, A and B, that have identical physical endowments of a key natural resource. In
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Consider two countries, A and B, that have identical physical endowments of a key natural resource. In country A, any profits made from extracting that resource are subject to confiscation by the government, while in country B, there is no such risk. How does the risk of expropriation affect the economic endowment of the two nations? In which nation are people richer?
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The threat of confiscation acts just like a tax on ...View the full answer
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Related Book For 
The Economics of Public Issues
ISBN: 978-0134018973
19th edition
Authors: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
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