Natural Resources and Man-powers 🌱

The society in which we live has gradually developed and has now developed into an industrial society. Of course, there are countries that do not, but most of the countries in the world have made a lot of progress. Due to the development of the industry society, three factors of production have been valued economically : labor, capital and land. This can be seen in prosperous countries around the 19th century like the United States or Canada. However, with the high level of industrialization of most countries these days, the importance of natural resources has begun to emerge. As a very important example, natural resources such as coal and petroleum began to greatly increase the production of steel and gradually expanded its power until now. This means that natural resources have a great influence on trade and economic activities. 


On the other hand, having a lot of natural resources does not make the country prosper quickly and easily. Egypt and Chile, which had abundant natural resources in the 19th century, failed to achieve economic growth. This is a debate problem, also called the resource curse. This generally refers to a disadvantage due to excessive consumption of the countries that have a lot of natural resources. Those countries are confronted with a situation where only income is lowered due to the characteristic of maintaining consumption without thinking of the value of natural resources that change with the development of technology. When natural resources are depreciated, they result in low savings and low permeability. An example of this situation is the Dutch disease. Therefore, it is right for the country and people to make good use of the blessings of resources to promote economic development and to achieve high development of human resources rather than relying on natural resources. I believe that the people who will carry the future of the country are truly precious and infinite resources of the country.


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