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The resource curse, also known as the paradox of plenty or the poverty paradox, is the hypothesis that countries with an abundance of natural resources (such as fossil fuels and certain minerals) have lower economic growth, lower rates of democracy, or poorer development outcomes than countries with fewer natural resources. [1]
Most important source of revenue: land, then scarce resources, then merchandise; Political economy—Most varied and easiest “The economy of the city” Truly the economy of the city; Economy at a smaller level; Sources of revenue involve merchandise, scarce resources, and taxes; Personal economy— Least important, quite varied
Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer. [3] Of the 828 verses in his poem Works and Days, the first 383 centered on the fundamental economic problem of scarce resources for the pursuit of numerous and abundant human ends and desires.
Scarcity involves making a sacrifice—giving something up, or making a trade-off—in order to obtain more of the scarce resource that is wanted. [ 19 ] The condition of scarcity in the real world necessitates competition for scarce resources, and competition occurs "when people strive to meet the criteria that are being used to determine who ...
These variations in scarcity may also be a function of prevailing economic policy and planning approaches. Water scarcity assessments look at many types of information. They include green water (soil moisture), water quality, environmental flow requirements, and virtual water trade. [13] Water stress is one parameter to measure water scarcity.
Natural resource allocations can be at the centre of many economic and political confrontations both within and between countries. This is particularly true during periods of increasing scarcity and shortages (depletion and overconsumption of resources). Resource extraction is also a major source of human rights violations and environmental damage.
The United Nations Development Programme says economic water scarcity is the most common cause of water scarcity. This is because most countries or regions have enough water to meet household, industrial, agricultural, and environmental needs. But they lack the means to provide it in an accessible manner. [23]
[53] [37] When those countries came under decline in around 2nd century AD, and respective trade between them and the Roman Empire had to cease as a result, this put a dent in the strength of the Roman economy as foreign trade was a major factor of economic growth for the superfluously resourced Empire. [53]