Bad government is a major factor in whether a nation is rich or poor, not whether it has natural resources. What we call a natural resource is what people know how to use. At one time, shisters would foist off land onto unsuspecting people when they knew that the land had oil on it. And of course, once the uses were found, some people who would have been snookered became very wealthy.
Thomas Sowell of Stanford University's Hoover Institution talks with EconTalk host Russ Roberts about the ideas in his new book, Economic Facts and Fallacies. He discusses the misleading nature of measured income inequality, CEO pay, why nations grow or stay poor, the role of intellectuals and experts in designing public policy, and immigration.