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In economics, we are taught that, or needs are infinite and resources are fixed. And each needs and resources have some associated value.. At global level, we know, there are some rich as well as some poor countries.. But, I want to know, is it possible that, poorer countries will become rich as well as rich countries also become richer.. ? If yes, then how is it possible, since resources are fixed.. .


marked as duplicate by Giskard, Fizz, Kent Shikama, Herr K., Art Oct 15 at 4:18

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  • $\begingroup$ as well as of How do economies grow? $\endgroup$ – Giskard Oct 13 at 7:29
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    $\begingroup$ Also, I don't know who is teaching "resources are fixed" but it may be wise to ask them what exactly they mean by that. And I am guessing they use slightly different phrasing, perhaps scarce instead of fixed. (Unless they mean the entire physical universe.) $\endgroup$ – Giskard Oct 13 at 7:30
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    $\begingroup$ Yup Giskard is right, "resources are fixed" - this is a common misconception. If you narrowly define resources as certain physical stuff, then yes they are finite. But economists define a resource as whatever that can be used to produce things of value or sometimes more broadly as anything that is of value. These need not be finite. See also economics.stackexchange.com/questions/17298/… $\endgroup$ – Kenny LJ Oct 13 at 8:04
  • $\begingroup$ What kind of "rich" are you talking about? There are notions of relative and absolute poverty. $\endgroup$ – Fizz Oct 13 at 8:08
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    $\begingroup$ Consider when you think places like the UK or USA first became "developed". After that, consider whether places like China and India now have similar or higher GDP per capita and whether they are likely to do so in the future. Data associated with Angus Maddison and then the Maddison project might help. $\endgroup$ – Henry Oct 13 at 10:53