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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]
Contrary to the notion that overexploitation is an exclusively contemporary issue, the phenomenon has been documented for millennia and is not limited to human activities alone. Historical evidence reveals that various cultures and societies have engaged in practices leading to the overuse of natural resources, sometimes with drastic consequences.
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]
One of the main consequences of extractivism is the toll that it takes on the natural environment. Due to the scale extraction takes place on; several renewable resources are becoming non-renewable. [3] This means that the environment is incapable of renewing its resources as quickly as the rate they are extracted at. [3]
Underground water, a natural resource, seen here coming out of a pipe in Himachal Pradesh, India. Natural resources are derived from the environment. Many natural resources are essential for human survival, while others are used to satisfy human desire. Conservation is the management of natural resources with the goal of sustainability. Natural ...
Natural resource management is a discipline in the management of natural resources such as land, water, soil, plants, and animals—with a particular focus on how management affects quality of life for present and future generations. Hence, sustainable development is followed according to the judicious use of resources to supply present and ...
Environmental resource management is an issue of increasing concern, as reflected in its prevalence in several texts influencing global sociopolitical frameworks such as the Brundtland Commission's Our Common Future, [3] which highlighted the integrated nature of the environment and international development, and the Worldwatch Institute's annual State of the World reports.
Natural resource economics deals with the supply, demand, and allocation of the Earth's natural resources. One main objective of natural resource economics is to better understand the role of natural resources in the economy in order to develop more sustainable methods of managing those resources to ensure their availability for future generations.
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