econ exercise
Description
I) Oil is very common in the middle-east, but no oil was found in Israel. Some think it is
very unlucky. Others think that if Israel had found oil when it was a poor country,
it might be hit by the so-called “oil curse” (https://www.vox.com/2014/4/10/5601062/oil-curse-explained). How do you think
the Israeli state and the Israeli economy would have been today if large oil field
were found in Israel in 1950 (say, allowing yearly production of 1,000,000 barrels
per day)?
II) It is expected that the natural gas resources in Israel off-shore facilities will give an
annual tax income of 1-2 billion dollar per year for the next 30 years (0.25-0.5% of
Israel current GDP). What do you suggest Israel should do with this future tax
income?
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