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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]
Natural resources are commonly divided between renewable resources and non-renewable resources. The use of either of these forms of resources beyond their rate of replacement is considered to be resource depletion. [1] The value of a resource is a direct result of its availability in nature and the cost of extracting the resource.
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.
Another billion middle-class are set to emerge as developing countries rapidly become industrialised. [2] There is evidence that decoupling is already underway; world gross domestic product grew by a factor of 23 in the 20th century, while resource use rose by a factor of eight.
The resource consumption rate of a nation does not usually correspond with the primary resource availability, this is called resource curse. Unsustainable consumption by the steadily growing human population may lead to resource depletion and a shrinking of the earth's carrying capacity. [1]
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 ...
The countries designated as small states include some of the most and least developed nations, resource-rich and resource-scarce countries, and both island and landlocked states. The diversity of small states is significant, in terms of their circumstances, interests, policy priorities, and resources.
For centuries, economists and other scholars have considered matters of natural resource scarcity and limits to growth, from the early classical economists in the 18th and 19th centuries down to the ecological concerns that emerged in the second half of the 20th century and developed into the formation of ecological economics as an independent ...