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Thus, it is wise to assume that the country with the highest amount of natural resources has the best economy, and its citizens have the…
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Download file to see previous pages... of natural resources (for example the Middle East countries and Congo) tend to be politically unstable and experience civil wars more frequently than resource-poor countries. The following sections review the literature on governance and distribution of the resources across different classes of citizens and analyses the economic significance to citizens, especially those in the low-income class.
According to Beitz (1981), satisfaction of human needs using the scarcely available resources creates a challenging dilemma; whereby a balance has to be struck between saving for future generations, maintaining economic growth and satisfying present human needs. Perfectly equal distribution of resources is practically impossible in our current society, and the ultimate goal of the economy should be reducing inequalities arising from economic growth. Inequalities mostly affect the least advantaged members of the society, to the extent of denying them basic economic rights such as access to food and primary education.
Since everyone is entitled to a minimum level of welfare from the government as stipulated in the Covenant on Economic, Social and Cultural Rights; Beitz argues that minimizing poverty should be given precedence over maximizing economic growth because the inequalities that come with maximizing growth are not acceptable. This is because economic growth in poor economies first require capital formation through savings (and hence investments). This will create more inequalities by directing more resources to the rich since they are capable of saving, compared to the poor. He also states that resources should be geared towards the satisfaction of basic human needs in the present as opposed to saving for the future. Ignoring present human needs in an effort to save for future generations is not a plausible option due to the uncertainty of the outcomes. However, Beitz suggests that a progressive economic growth that aims gradually to increase the living standards of ...Download file to see next pagesRead More
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