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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 economy is a type of economy in which money is not used in the transfer of resources among people. It is a system of allocating resources through direct bartering, entitlement by law, or sharing out according to traditional custom. In the more complex forms of natural economy, some goods may act as a referent for fair bartering, but ...
Extractivism is the removal of large quantities of raw or natural materials, particularly for export with minimal processing. [3] The concept emerged in the 1990s (as extractivismo) to describe resource appropriation for export in Latin America. [16]
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Economic gains from natural resources are mostly beneficial when directed towards initiatives such as job creation, skill enhancement, capacity building, and pursuit of long-term developmental objectives. Thus, reliance on one or more natural resources holds financial risk when aiming for a stable economic growth. [28]
Anarchists view any ownership claims on land and natural resources as immoral and illegitimate. [135] While anarchists, including individualist anarchists, market anarchists and mutualists, adamantly oppose absentee ownership, anarcho-capitalists have strong abandonment criteria in which one maintains ownership until one agrees to trade or gift ...
Governments may also restrict free trade to limit exports of natural resources. Other barriers that may hinder trade include import quotas , taxes and non-tariff barriers , such as regulatory legislation .
Scarcity also includes an individual's lack of resources to buy commodities. [2] The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself". [3] "The best example is perhaps Walras' definition of social wealth, i.e., economic goods. [3] 'By social wealth ...