Another graph from Dr Don Elder, CEO Solid Energy.
Several points stand out.
One is that New Zealand is well endowed with coal and other minerals. It would be folly not to sensibly exploit them.
Another is that the world is not going to run out of hydrocarbons any time soon.
A third is that it takes more than natural resources for a country to grow rich. Saudi Arabia is not particularly wealthy: its per capita income is below New Zealand’s.
Institutions and policies (which New Zealand can improve) matter most for prosperity, but New Zealand also has abundant natural resources. We have no excuses for not doing better.
Click to enlarge