Why Mongolia and North Dakota Aren’t Economic Miracles
Resource-Rich Regions Are Like Horse Milk—They Taste Strong Before Quickly Going Sour
Where does an economist who works in the Pacific Rim go on vacation? This summer, I chose Mongolia, and not only because it is remote, interesting, a bit exotic, and has beautiful glaciated mountains. I also chose it for having a reputation for economic potential.
I went with some preconceptions. For one thing, I had read that ayrag, home-fermented horse milk, was widely consumed and not for the faint of heart. For another, I had also read that investors were high on the Mongolian economy, an economy with a 10-fold increase …
