• Blinded by Riches: The Prudhoe Bay Effect

      Cole, Terrence (Institute of Social and Economic Research, University of Alaska., 2004)
      Alaska has repeatedly been saved by surprise developments or events. Prudhoe Bay oil was by far the largest such development—worth seven times more than all previous Alaska resource value combined. But the enormous value of Prudhoe Bay oil—the “Prudhoe Bay effect”—has blinded Alaskans to the perennial dilemma created by relying on temporary resource revenues. Now, with oil revenues declining, Alaska once again has a budget crisis. But today there’s a crucial difference that can be summed up in two words: Permanent Fund. Figure 1 shows why Prudhoe Bay oil gave Alaska an opportunity unlike any previous development.
    • Understanding Alaska: People, Economy, and Resources

      Foster, Mark; Cravez, Pamela; Cole, Terrence (Institute of Social and Economic Research, University of Alaska., 2006)
      Understanding Alaska is a special series of studies by the Institute of Social and Economic Research (ISER), to examine economic development issues and help Alaskans understand how their economy works. The studies began in 2001, and here we highlight some of the work so far. The University of Alaska Foundation has provided most of the funding for Understanding Alaska which examines how Alaska’s economy works, why it’s different from those in other states, and how Alaska’s unique circumstances affect economic development. This publication divides Understanding Alaska research into three categories: People, Economy, and Fisheries. At the end of each section is a list of the full reports or presentations excerpted for this overview. In some cases, we’ve updated information specifically for this publication.