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Oil boom, human capital and economic development: Some recent evidence

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  • Franklin Obeng-Odoom

Abstract

This article highlights and assesses orthodox responses to three crucial questions in political economy, namely: the role of human capital in the process of economic development, how this role transforms during a period of resource abundance and what is the place of education in empowering labour to reclaim or transform surplus value. Drawing on recent evidence collected from Ghana, a new and young oil economy, it proposes different responses to all these questions which imply the need to replace the concept of ‘human capital’ with ‘human development’ and to move from theoretical to substantivist analysis of oil, education and labour relations.

Suggested Citation

  • Franklin Obeng-Odoom, 2015. "Oil boom, human capital and economic development: Some recent evidence," The Economic and Labour Relations Review, , vol. 26(1), pages 100-116, March.
    • Handle: RePEc:sae:ecolab:v:26:y:2015:i:1:p:100-116
    DOI: 10.1177/1035304615571046
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    References listed on IDEAS

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    1. Guevara, Zeus & Sebastian, Antonio & Carranza Dumon, Fabian, 2022. "Economy-wide impact of conventional development policies in oil-exporting developing countries: The case of Mexico," Energy Policy, Elsevier, vol. 161(C).
    2. Jack Pegram & Gioia Falcone & Athanasios Kolios, 2019. "Quantitative and Qualitative Assessment of Job Role Localization in the Oil and Gas Industry: Global Experiences and National Differences," Energies, MDPI, vol. 12(6), pages 1-22, March.
    3. Jack Pegram & Gioia Falcone & Athanasios Kolios, 2018. "A Review of Job Role Localization in the Oil and Gas Industry," Energies, MDPI, vol. 11(10), pages 1-18, October.
    4. Maria da Graça Marques Casimiro Almeida & Arnaldo Fernandes Matos Coelho, 2019. "The Antecedents of Corporate Reputation and Image and Their Impacts on Employee Commitment and Performance: The Moderating Role of CSR," Corporate Reputation Review, Palgrave Macmillan, vol. 22(1), pages 10-25, February.
    5. Siakwah, Pius, 2017. "Are natural resource windfalls a blessing or a curse in democratic settings? Globalised assemblages and the problematic impacts of oil on Ghana's development," Resources Policy, Elsevier, vol. 52(C), pages 122-133.
    6. Measham, Thomas & Fleming, David & Schandl, Heinz, 2015. "A Conceptual Model of the Socioeconomic Impacts of Unconventional Fossil Fuel Extraction," MPRA Paper 68523, University Library of Munich, Germany, revised 24 Nov 2015.

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    More about this item

    Keywords

    Africa; decent work; education and training; Ghana; human capital; labour; oil;
    All these keywords.

    JEL classification:

    • P - Political Economy and Comparative Economic Systems
    • P36 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment

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