Resources and Development in an economy :: Economics

Resources and Development in an economyResources and Developmenta)Resources influence the social organization and progress of an economy. Ifsomething is considered a mental imagery it is potentially of economicbenefit. withal on that point are three differing types of resources, and itis the relative abundance of all these that dictates the economic construction. It is tough whether the presence of one resource, e.g.Coal (a vivid resource), leads in itself to economic sustainabilityand strength. in that respect are human, capital and natural resources. Humanresources represent the quality and bar of the workforce and isinfluenced by factors such as education and demographics. Capitalresources obtain in the form of accumulated wealth in assets such asindustry or infrastructure. Natural resources, such as oil, coal ortimber, are primary materials which are of utility to man, which manhas the testamentingness (i.e. it will any be of use in other industrialprocesses or will ga in a profit), and ability to exploit. These threefactors combine to provide the vertebral column to an economy, although theyoften rely on one a nonher, especially the industries on the workforce,to routine properly. Natural resources are arguably the kick offnecessity of the other two, and is more coordination compound as there are manytypes of natural resource, both unnumberable such as timber, and finitesuch as crude oil. on that point is therefore the issue of decision-makingregarding sustainability, and the appropriateness of using aparticular resource for a particular purpose, when a suitablereplacement is available, and this often alters which naturalmaterials are regarded as resources.b)Logic would suggest that the presence of natural resources in acountry has a positive relationship with its economic development. at that place are many examples that support this theory, such as with themost actual countries of Western Europe, and renownedanthropologists such as Rostow assume it to be true. However there iswell supported evidence that natural resources are not at allessential for economic development, and with the global politicalstructure having evolved the way it has, anthropologists such aGunder-Frank suggest that natural resources can be more of a hindrancethan an advantage regarding the improvement of an economy.In his sham for economic development Rostow assumes that naturalresources are necessary for economic forward motion through thepreconditions for takeoff and takeoff stages of development. Thiswas originally true in the case of the first alter countriesin the 18th century. The development of the UKs wool, and later coalindustries, directly triggered the processes that assimilate led to the UKsdeveloped economy today.However Gunder-Frank would argue that as in short as the firstindustrialised nations became rich and began looking to exploit wealth