『Abstract
　Empirical evidence suggests that the natural-resource curse operates through the behavior of the political elite, yet there are few models that convincingly illustrate the mechanism at work. I present a model where natural-resource abundance generates power struggles, thereby increasing the effective discount rate of the governing group. As a result, the elite makes fewer investments in the long-run development of the country.』

1. Introduction
2. Natural resources and development policy
　2.1. Model
　2.2. Analysis
3. Extensions
　3.1. Commitment
　3.2. Debt
　3.3. Case τρy＜1
　3.4. Endogenous γ
4. Discussion
Conclusions
Appendix 1: Equilibrium with commitment
5. Appendix 2: Case τρy＜1
References