Private ownership of natural resources leads to higher growth but increased inequality.
The article explores how economic growth is affected by property rights on natural resources. Two models are considered: one with private ownership and one with public ownership. In the private ownership model, growth is higher if patient agents are not the majority, but leads to more inequality in the long run. In the public ownership model, growth is higher in the long run due to less inequality. The extraction rate and growth rate are determined by the patience of agents in each model.