Abstract

HERNANDEZ, Luis Enrique. La renta petrolera y su impacto en el crecimiento económico de Venezuela. Prob. Des [online]. 2006, vol.37, n.145, pp.135-151. ISSN 0301-7036.

This study seeks to explain the growth of the Venezuelan economy as a rent-earner. Based on Solow's theory, rent from petroleum is introduced as the determinant variable -in the Venezuelan case- together with other variables, such as demographic growth and investment. Likewise, total factor productivity is estimated, based on a model that includes rent. The conclusion is that while this continues to have great significance in growth, its impact has declined since the end of the 1970s. There appears to be a weakening of a model based on growing rent, which in its time helped to expand the economy's growth, but which today has not enabled Venezuela to escape from the economic recession, which has lasted now for two decades.

Keywords : rent; growth; factor productivity; investment.

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