Monkey economics is a term that is used to describe the economic activities of a country that is heavily reliant on the export of natural resources such as oil gas minerals and timber. The term was first coined by writer and economist Dambisa Moyo in her book Dead Aid: Why Aid Is Not Working and How There Is a Better Way For Africa.
Moyo argues that the natural resource-dependent economies of many African countries have become what she calls “monkey economies.” She defines a monkey economy as “an economy that is entirely dependent on the sale of a single primary commodity for all its foreign exchange earnings and for the vast majority of its government revenue.”
Moyo argues that these monkey economies are dangerous because they are so susceptible to global economic fluctuations. For example she points to the fact that when the price of oil dropped in the 1980s many oil-producing African countries experienced economic turmoil.
Moyo also argues that monkey economies create perverse incentives for government officials. Because government officials are often heavily involved in the natural resource sector they have a vested interest in keeping prices high. This can lead to corruption and rent-seeking behavior.
The term monkey economics has been criticized by some who argue that it is unfair to characterize all resource-dependent economies as monkeys. However Moyo’s argument is that the term is meant to highlight the dangers of these economies and to encourage African countries to diversify their economies.
What is monkey economics?
Monkey economics is the study of how monkeys interact with their environment to obtain resources.
What factors do monkey economists consider when studying monkey behavior?
Monkey economists consider factors such as resource availability group size and social structure when studying monkey behavior.
How do monkey economists study monkey behavior?
Monkey economists use a variety of methods to study monkey behavior including observation experiments and surveys.
What is the goal of monkey economics?
The goal of monkey economics is to understand how monkeys make decisions in order to optimize their use of resources.
What are some of the methods used by monkey economists to study monkey behavior?
Some of the methods used by monkey economists to study monkey behavior include observation experiments and surveys.
What factors do monkey economists consider when studying monkey behavior?
Monkey economists consider factors such as resource availability group size and social structure when studying monkey behavior.
What is the goal of monkey economics?
The goal of monkey economics is to understand how monkeys make decisions in order to optimize their use of resources.
What is the goal of monkey economics?
The goal of monkey economics is to understand how monkeys make decisions in order to optimize their use of resources.
What are some of the methods used by monkey economists to study monkey behavior?
Some of the methods used by monkey economists to study monkey behavior include observation experiments and surveys.
What factors do monkey economists consider when studying monkey behavior?
Monkey economists consider factors such as resource availability group size and social structure when studying monkey behavior.
How do monkey economists study monkey behavior?
Monkey economists use a variety of methods to study monkey behavior including observation experiments and surveys.
What is the goal of monkey economics?
The goal of monkey economics is to understand how monkeys make decisions in order to optimize their use of resources.
What are some of the methods used by monkey economists to study monkey behavior?
Some of the methods used by monkey economists to study monkey behavior include observation experiments and surveys.
What factors do monkey economists consider when studying monkey behavior?
Monkey economists consider factors such as resource availability group size and social structure when studying monkey behavior.
How do monkey economists study monkey behavior?
Monkey economists use a variety of methods to study monkey behavior including observation experiments and surveys.
