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Abstract
The current study examines how analysis of the Phenomenon of Plenty, paradox of
economic underperformance of resource-rich nations, could benefit from theoretical
and empirical application of suggested petroleum production function framework,
basing on sample oil-abundant countries of the Commonwealth of Independent
States, in particular Russia, Azerbaijan, and Kazakhstan. Proposed approach displays
capacity of oil-economy production function to shed light on larger scope of
theoretical issues. Empirical testing of suggested theoretical framework exhibited
ability of proxied components of devised production function, capturing main metrics
of the Phenomenon of Plenty and additionally factoring in corruption, to exert a
strong impact on the majority of twelve principal macroeconomic indicators
monitored by CIS supra-national institutions: with most pronounced influence on
gross domestic product, industrial production, capital investments, and export to CIS
countries.