You're an animal. I have a question. I wonder if the Japan, Korea and other low resource economic wonders were able to jump start by FDI? FDI being the main culprit instead of low resources.
My guess, and this is a pure guess, is that countries with high resource based income tend to have social sclerosis, very unequal income distributions and very little social mobility because there's a small but powerful interest in keeping things the same. While countries with low resources and FDI are able to channel the FDI to productive uses and raise the standard of living. These governments usually are able to concentrate the FDI in developing native industries because the FDI isn't controlled by an elite and there's less political interest in keeping things the same.
So, I guess, if you have the time, can you run the same analysis holding FDI/capita constant? We should then see how FDI affects growth and GDP/capita, and see if there's any correlation with oil reserves. Of course FDI is related to other things like openness of economies and human capital, etc. It's all a mess when you try to figure stuff like this out, but I think you definitely put the oil reserve vs income question to rest.
Oh my gosh Ethan, this is too much for my small brain!
I don't disagree with your point.
But keep in mind that competence causes proven reserves.
A country like Zaire could have large amounts of oil in the ground yet have few proven reserves becuase its level of technical skill makes finding oil very difficult.
My guess is the correlation between amount of oil in the ground and income would be much less than the correlation between proven reserves and income.