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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]
To get the water, they have to travel and make agreements with countries that have water resources. In some countries, political groups hold necessary resources hostage for concessions or money. [21] Supply-induced and structural scarcity demands for resources cause the most conflict for a country. [21]
Natural resources can be a substantial part of a country's wealth; [7] however, a sudden inflow of money caused by a resource extraction boom can create social problems including inflation harming other industries ("Dutch disease") and corruption, leading to inequality and underdevelopment, this is known as the "resource curse".
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.
Experts use it when evaluating water scarcity. This metric can describe the total available water resources each country contains. This total available water resource gives an idea of whether a country tend to experience physical water scarcity. [32] This metric has a drawback because it is an average.
War, and more specifically overall protection of countries, gave rise to many forms of loans, debt, increased taxes, and complex investments. War demanded an increase of money to cover expenses. So, places like Athens needed either to borrow money from other places or be given men (mercenaries) through specific financial arrangements.
The work opens with an explanation of scarcity, noting its relation to price; high prices denote relative scarcity and low prices indicate abundance.Simon usually measures prices in wage-adjusted terms, since this is a measure of how much labor is required to purchase a fixed amount of a particular resource.
Sub-Saharan Africa has the largest number of water-stressed countries of any other place on the planet and of an estimated 800 million people who live in Africa, 300 million live in a water stressed environment. [5] In 2012, it was estimated that by 2030, 75 million to 250 million people in Africa will be living in areas of high water stress. [5]