A resource-based economy is an economic system driven by the exploitation of mineral resources and dominated by the energy, mineral and other resource sectors. In resource- rich areas, there is often an investment bia...A resource-based economy is an economic system driven by the exploitation of mineral resources and dominated by the energy, mineral and other resource sectors. In resource- rich areas, there is often an investment bias toward the resource sector because of the existence of a threshold for investment in human capital in the manufacturing sector. Once the resource sector is dominant, it has a particular atwaction effect on the economic factors; its expansion and spread have a viscosity effect on industry families;, and the sunk costs and path dependence that emerge as industrialization evolves have a lock-in effect on the role of resources. This may give rise to development path dependence and the trap of resource advantage, resulting in a self-strengthening mechanism in resource-based economies. The key to escaping this trap is to break down the resource sector＇s original self-perpetuating mechanism and path dependence, introduce learning and innovation, adjust mechanisms far the distribution of resource benefits and realize industry coordination and transformational economic development.展开更多
文摘A resource-based economy is an economic system driven by the exploitation of mineral resources and dominated by the energy, mineral and other resource sectors. In resource- rich areas, there is often an investment bias toward the resource sector because of the existence of a threshold for investment in human capital in the manufacturing sector. Once the resource sector is dominant, it has a particular atwaction effect on the economic factors; its expansion and spread have a viscosity effect on industry families;, and the sunk costs and path dependence that emerge as industrialization evolves have a lock-in effect on the role of resources. This may give rise to development path dependence and the trap of resource advantage, resulting in a self-strengthening mechanism in resource-based economies. The key to escaping this trap is to break down the resource sector＇s original self-perpetuating mechanism and path dependence, introduce learning and innovation, adjust mechanisms far the distribution of resource benefits and realize industry coordination and transformational economic development.
