Kuala Lampur, Oct. 26 -- For decades, the story of Malaysia's economic development has been written in oil and gas. Petronas, the national oil company, has been more than an enterprise; it has been a sovereign wealth fund, a nation-builder, and a symbol of national pride.

Its dividends have paved our roads, built our schools, and fuelled our ambitions. But what happens when the well, if not running dry, becomes far less generous?

This is the critical question posed by the insightful work of Pritish Bhattacharya and Francis E. Hutchinson in their paper, "Malaysia's Oil and Gas Sector: Constant Expectations despite Diminishing Returns."

Their findings are a stark warning: Malaysia's fiscal and economic model is dangerously addicted to a ...