Oil and human development sector: an econometric analysis in the Meta department from 1990 to 2015
DOI:
https://doi.org/10.22519/22157360.1345Keywords:
Oil sector, economic growth, economic development, human development, extractive economyAbstract
The department of Meta has natural wealth that aroused the interest of national and transnational capital to exploit these strategic resources, such as oil. After 2008, this department was reported as the first producer of crude oil at the national level. However, there were a series of social mobilizations denouncing: precarious work, environmental impacts and human rights violations. Therefore, analyzing the contribution made by the oil sector to the human development allows deepening the discussion of whether extractive economies are a source of welfare generation. This was done through an econometric modeling of multiple regression, where the variable Human Development Index -HDI- was used as a proxy for human development, based on the Gross Domestic Product of the agricultural, oil, industrial, construction and commerce sectors, all at 2005 prices. The agricultural, industrial and commercial sectors were found to explain the improvement of the HDI in the department, while the contributions of the oil and construction sector were irrelevant. As a general conclusion of the work, the oil sector does not explain human development, so the territorial entities, by the hand of the National Government, must strengthen the economic sectors that are doing so, turning this territory into an agricultural pantry and agroindustrial.
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