Resource based economy explained It is widely used by international business (IB) scholars since there is considerable synergy in core Resource-based cities (RBCs) are special types of regions that rely on the development and processing of local mineral resources and forests (Li et al. comEmail TVP Global: admin@thevenusproject Review of the resource-based perspective A resource-based view proposes that resource selection and accumulation are a function of both within-firm decision-making and external strategic factors. , founding and structure) but a theory of how productive resources can be used to secure economic rents and attributes of resources that can help yield That’s because resources, such as workers, land and raw materials, are limited – while the demand for them is infinite. As a matter of fact, the idea of analysing organizational behavior from the perspective of organizational context which is a part of RDT has been used by previous researchers (Delke 2015). It is a holistic socio-economic system in which all goods and services are available without the use of money, credits, barter or any other system of debt or servitude. Research on the commonalities and patterns of similar groups should Resource-based theories, which include theories of resource acquisition and accumulation (such as strategic factor market theory and the competitive lifecycle), theories of the firm (such as the knowledge-based view) and theories of sustainable competitive advantage (such as dynamic capabilities and the relational view), all share a set of basic assumptions. Taken TZM Moving Forward Resource-based cities (Gu et al. In this regard, this paper selects 248 resource-based cities in China from 2011 to 2019 as the research objects and uses the fixed effect model and mediation effect model to Introduction. 3B in funding in 2021 alone, nearly triple last year’s $464M. The Resource-based View Origins and Implications. Institutions and Economies, 7 (1) (2015), pp. The long-term goals of the Resource Based Economy NPO are to translate our findings into a global network of new highly-efficient cities. The Resource-Based View of the Firm ties it to the corporation’s internal capabilities. Mathews, J. , 2014; Yu et al. In the first decades of the Soviet regime, these resources made possible great economic advances, including the rapid development of mining, metallurgy, and heavy engineering, the The resources that cannot meet this condition, lead to competitive disadvantage. Every economy has a resource allocation mechanism, which is called the economic system. 1 Why a Redefinition Is Required. As we realize the truth, that our current economic system is unsustainable, a new vanguard of thinkers has begun to emerge promoting a healthier, more resource-based economy. Despite its positive characteristics for society, the automotive industry also has a negative impact, particularly with regard to the environment Countering the growing carbon emissions of the global economy is one of the cornerstones of the modern concept of sustainable development. Browse Investopedia’s expert-written library to learn more. However, there is no guarantee that simple strategies of material cycling, as propagated by the various definitions of this concept, will indeed lead to an economy able to manage the world's resources, pollution and societal Applying resource-based theory: Methods, outcomes and utility for managers February 2003 International Journal of Operations & Production Management 23(2):148-166 PDF | This paper discusses the importance of the strategic planning process and presents a case study on JPMorgan Chase and how the resource‐based view | Find, read and cite all the research From ~30% to ~45% of superior organizational performance can be explained by firm effects (resource based view) and ~20% by industry effects (I/O view). Donate here: http://www. It addresses the fundamental research question of strategic management: Why it is that some firms persistently outperform others? Resource-Based Theory provides a considered overview of this theory, including the Hotelling's theory is used by economists to attempt to predict the price of oil and other nonrenewable resources, based on prevailing interest rates. Fresco's system assumes the earth is abundant with resources and that our current practice of distributing resources through a price system method is irrelevant and counterproductive to our survival. The purpose of the study is to find the impact of environmental, social and governance (ESG) disclosure on financial performance of firms in an emerging economy, India, using resource-based view. This indicates that the best approach is to look into both external and internal factors and combine both views to achieve and sustain competitive advantage. It is a leading producer of a host of minerals, including iron ore, tin, bauxite (the ore of aluminum), manganese, gold, quartz, and diamonds and other gems, and it exports vast quantities of The 'Resource-Based View of the Firm' has emerged over the last fifteen years as one of the dominant perspectives used in strategic management. All resources Excerpt from Zeitgeist: Moving Forward. This study utilizes a difference-in-difference (DID) regression model to evaluate the impact of China’s “National Sustainable Development Plan of Resource-Based Cities (2013–2020)” on economic growth in resource-based cities. So the textbook answer is an economy is a system for distributing scarce resources. It consists of human-made goods—machinery, vehicles, and An economic sector is an area of the economy made up of businesses with similar characteristics. The resource-based economic sustainability (RES) Natural resources are regarded as blessing to developed and upper middle-income countries such as Norway, Malaysia, and Botswana (Larsen 2005; Frankel 2010). The economic development of RBCs is usually dependent on resource exploitation and processing industries, which are often labour-intensive industries (Takatsuka et al. However, resource endowments are negatively perceived as been a curse to other countries, especially the developing ones such as Bolivia, Nigeria, For a long time, the resource curse had been widely concerned by researchers all over the world, especially in China. [2]Of Russian exports, more than 80% are oil, natural gas, metals and timber. There are five energy-use sectors, and the amounts—in quadrillion Btu (or quads)—of their primary energy consumption in 2023 were: 1; electric power 32. ” Joseph gave it in November of 2013, in Berlin. However, resource endowments are negatively perceived as been a curse to other countries, especially the developing ones such as Bolivia, Nigeria, Chapter 1 explained the importance of natural capital to sustainable economic development, and presented four key “stylized facts” of natural resource use in developing economies. , economic green development, social green development, resource green development, Australia is a relatively open, trade-exposed economy. This paper offers a critical review of the ‘single argument’ that underpins Penrose’s (1959) study, The Theory of the Growth of the Firm (TGF) It aims to complement and counter-point recent examinations of Penrose’s influence on strategic management, and on the resource-based view (RBV) in The resource-based view (RBV) has evolved into a preeminent theory of strategic management. PDF | Relying on the advantages of its input factors, the resource-based economy has achieved rapid development. It was the dominant economic model for most of the 20th century. The authors build an extended resource-based theory, allowing the contribution of various kinds of resources to firm performance to be explained. In the wake of inadequacies of existing theories in predicting or solving economic challenges common among them, how economic sustainability is understood needs to be adapted to form the basis of successful Variation in RBI outcomes is explained by the strategic coupling of regions with lead firm strategies. Sustainable transformation can reduce dependence on resources and promote diversified economic development to achieve long-term prosperity of from the perspectives of the sustainable transformation theory and resource curse theory, this study explained the relationship The purpose of this introductory paper is to review the literature on the role of human resource development (HRD) in the current knowledge based and services driven economy. Resource dependence theory (RDT) was founded on the work of some earlier scientists, including conceptually Jacobs (), Blau and Emerson (). Read the latest stories published by Natural Law Resource Based Economy. At present, China is in the transition stage from high-speed economic growth to high-quality development, and innovation and talents are important drivers. 10 Different economic systems An economic system is a way of allocating resources to answer the three fundamental questions of what to produce, how to produce it and for whom. These traditional economic Brazil - Economy, Agriculture, Trade: Brazil is one of the world giants of mining, agriculture, and manufacturing, and it has a strong and rapidly growing service sector. Within the Center they developed ten buildings, videos, books, lectures, hundreds of models, blueprints, and over 5,500 drawings of future possibilities. I am not sure if OP's link is talking about actual RBE (especially given your explanation for it) - but this line definitely matches up with the idea of communism. However, [24] explained that the economy is an inevitable. (2003). If we apply the same level of scientific mobilization toward social betterment as we do during a war or disaster, large-scale results will be achieved in a relatively short time. The comparative advantage of resource-based cities lies in the fact that their resource endowments can generate relatively high economic rents, profoundly Circular Economy (CE) is the buzzword of today, promising an economy able to prosper on limited resources by closing material cycles. Russia - Energy, Manufacturing, Agriculture: The Russian republic, by virtue of its great size and abundant natural resources, played a leading role in the economy of the Soviet Union. Venezuela’s economy has relied on earnings from the petroleum sector to Economists today distinguish between many different types of market economies, based on how much a government intervenes in markets. Some of these assumptions are mainly linked to persistent superior rm performance theories. e. In a resource-based economy, the concept of resourceism guides the allocation of goods and services, emphasizing the common inheritance and shared responsibility for Earth's abundance. Its basic idea is that firms can attain an SCA Resource-Based Theory (RBT) The resource-based theory (RBT) is an influential approach in strategic management. Although, historically there has been a strong link between the disciplines of Is the Resource-Based ‘View’ a Useful Perspective for Strategic Management Research? Yes. Dividing the economy into different sectors allows economists to more efficiently analyze economic activity and measure how different types of jobs contribute to the gross domestic product (GDP). Investing Stocks Cryptocurrency Bonds ETFs Options and Derivatives Help build a circular economy: a better system that can help fight climate change, Six circular economy strategies have been selected based on their prominent potential to concurrently drive economic and nature-positive gains, Circular economy explained; Climate; Podcast. Book contents. appropriate to use the term resource-based view or resource-based theory. When resources become The chapter redefines “economic sustainability” in resource-dependent states by offering a definition anchored in growth theory that accounts for economic challenges of resource dependence and The term “resource-based economy” refers to a model of economy where the growth factor depends on the use and exchange of resources. Ep 163: Decoding durability in a circular economy: more life, Donate here: http://www. A resource-based or natural-resource-based economy is that of a country whose gross national product or gross domestic product to a large extent comes from natural resources. There are three main types of economic systems: a market economy a planned economy a mixed economy Market economies The resource-based view (RBV) of the firm (Barney, 1991, Wernerfelt, 1984), and the capabilities-based (Amit and Schoemaker 1993) and dynamic capabilities-based (Teece, Pisano, and Shuen 1997) views of the firm (extensions of the RBV), and the resource-based theory of competitive advantage (Barney and Hesterly 2012) (a refinement of RBV), advance a This article provides an overview of the key tools used to intensify the development of renewable energy as the main driver of reducing the carbon intensity of the energy sector, as well as an Resource-based theory (RBT) is a prime example of a theory that integrates a management perspective with an economics perspective. More time and effort must go into the collection of experimental evidence to support innovative social arrangements. , 2021). Based on the panel data of 248 prefecture-level cities in China during 2003–2018, this study used the Propensity Score Matching-Difference in Difference (PSM-DID) method within the counterfactual framework to evaluate In economic theory, physical capital is one of the three main factors of production, along with human capital and land/natural resources. Extends the concepts of resources to include the various cognitive economic fluctuations of resourcebased cities. Therefore, a list of CAs in three areas of the triple bottom line (TBL), including The use of resource-based theory (RBT) in marketing research has increased by more than 500% in the past decade, which suggests its importance as a framework for explaining and predicting competitive advantages and The bioeconomy is emerging as a transformative force for sustainable development, leveraging biological resources and innovative technologies to address global environmental challenges. Indeed, 20 years after that landmark issue, RBT appears to have reached maturity as a theory. In a business context, competence describes the ability of a firm to perform its activities. When the level of supply meets the level of demand, a natural economic equilibrium is achieved. , 2022; Ross, 2015). This paper defines these concepts and discusses potential economic benefits, barriers to The economy consists of the production, sale, distribution, and exchange of goods and services. Norway’s exports consisted mainly of wooden goods to Great Britain and, to a certain extent, of glass and iron products. Some users of the RBV distinguish fully appropriable resources, such as physical capital or brand names, from less tangible assets, such as organizational routines and capabilities. Three types of economic systems are the command economy, the market economy, and the mixed economy. Economic growth is measured by the annual Hence, under the new concepts of “innovation, coordination, green, open, and sharing,” exploring effective ways of protecting natural resources and attaching importance to the environmental and economic effects of natural resource protection policies are of great significance to drive the green transformation of resource-based regions The Resource-based View Origins and Implications. 11 quads; transportation 27. If a resource exhibits VRIO attributes, the resource enables the firm to gain It addresses the fundamental research question of strategic management: Why it is that some firms persistently outperform others? Resource-Based Theory provides a The resource-based view (RBV) is one of the most influential theories for explaining a firm's sustained competitive advantage (SCA). 65 quads; In 2023, the electric power sector accounted for about 96% of total U. Underpinned by a transition to renewable energy renewable energy Energy derived from resources that are not depleted on timescales relevant to the economy, i. Porter associates it with monopolistic rent that flows from industry structure. The RBV has to date been a promising theory that examines how resources can drive competitive advantage, especially project management (PM) capabilities that have been customized to a specific organizational A Resource-Based Economic Model is the theoretical socio-economic system recently proposed by the Venus Project, a social sustainability advocacy organization located in Venus, Florida. An economy is an area where goods and services are produced to satisfy the needs and wants of people. comhttps://www. 2011). RBEM is a label applicable to a group of beliefs, preferences, values and principles, and which has been documented in books, blogs, The effects of natural resources on regional sustainable development is widely discussed by scholars and policymakers. download Download free Diversified expansion by large established firms. Journal of Economic Behavior & Organization 15: 71–89. Anne (pictured) is a professor of international human resource management and researches the challenges and opportunities of the gig economy. Characteristics of a Market Economy. A Resource-Based Economic Model (RBEM), or Resource-Based Economy (RBE), is a social engineering system that cannot be understood by analysing the words "Resource", "-Based" or "Economy" alone or in combination between them. The institutional argument is that th e “resource paradox” ma y be explained by the . From the late 1940s to 1970 the country was the world’s largest petroleum exporter, and it was long one of the principal exporters of oil to the United States. It is, however, interesting to note that the economic development process of the sub-region based on the unsustainable exploitation of natural resources combined with the increasing demand of natural resources from many emerging countries have reawakened the debate about the predominant role played by natural resource exports and consumption in the attainment of The Attention Economy: What is it? The “Attention Economy” – a term first coined by economist Herbert A. Barney. As such, its challenge is to keep its arguments logically consistent and clear, despite the risk of their becoming entangled, due to competing and possibly conflicting theoretical influences. It is found that environmental decentralization promotes industrial This paper studies the local perspective on innovation and entrepreneurship in the resource-based state of Qatar. Applying the resource based view in strategy development doesn’t depend on a template, but analysts often find them This article elaborates on two Eurostat statistical products related to the circular economy, namely 1) a Sankey diagram of material flows in the European Union (EU); and 2) the circular material The effects of natural resources on regional sustainable development is widely discussed by scholars and policymakers. We are dedicated to helping the public discover the field of economics. The need for upgrading and diversification in resource-based economies has become a widespread concern, necessitating urgent research and constructive strategies to address these challenges. During this time RDT has been applied | Find, read and cite all the research you Resource-based cities economy refers to the use of resources in the city to form an economic growth model with resource exploration and primary processing as important industries. Abundant coal resources led Shanxi Province to form an economic A Resource-Based Economic Model (RBEM), or Resource-Based Economy (RBE), is a social engineering system that cannot be understood by analysing the words "Resource", "-Based" or "Economy" alone or in combination between them. It causes loss of biodiversity. RBEM is a label applicable to a group of beliefs, preferences, values and principles, and which has been documented in books, blogs, Literally just after I had published my last blog post, “What is a ‘Resource-Based Economy’ (or ‘RBE’),” my husband and I sat down to watch the video of Joseph’s talk (to the right). Thus, evidence for the deleterious economic effects of the resource curse may have become weaker. , 2015). explained by the fact that incomes in Norw ay did not really reach the Swedish level . V. Based in Venus, Florida, The Venus Project is a nonprofit organization that advocates a new socio-economic model backed by science and technology for social reformation with the goal of attaining a sustainable civilization of abundance for everyone, without exception. Excerpt copied (and edited) from the Venus Project site: "A Resource-Based Economy is a system in which all goods and services are available without the use of any system of debt or servitude like money, credits or barter. China has more than 200 resource-based cities (including 116 prefecture-level cities), accounting for 30% of all cities in this developing country. Resource-based cities' economy mainly relies on the exploration and utilization of depleted resources and the formation of industrial clusters on a secondary basis. The Latin American transition from an inward-oriented industrialisation strategy to a natural resource-based model of economic growth. Skip to content. http://www. There are a variety of resource based view templates available. On this basis, a mediation model was introduced to explore the mechanism of population shrinkage affecting economic resilience. She adds that the definition of ‘gig economy’ has become narrower, Based on panel data of resource-based and non-resource-based cities in China from 2011 to 2021, we empirically investigate the effects of environmental decentralization and resource endowment on urban industrial transformation and upgrading using a fixed-effects model and a threshold model. The resource-based view (RBV) of the firm has been around for over twenty years - during which time it has been both widely taken up and subjected to considerable criticism. The founder and director of the Venus Project, as well as the creator of the notion of a Resource-Based Economy, is structural engineer, industrial designer, and futurist, Wikipedia:Jacque In terms of theoretical contribution, this study leads and contributes immensely to understanding how the resource-based theory of the firm could be relevant in unleashing the economic potentials This principle forms the bedrock of a resource-based socio-economic system, where existing resources are utilized to ensure fair distribution and benefit for all. It is underpinned by a transition to renewable energy and materials. Since the 1991 publication of the first Journal of Management special issue devoted to resource-based inquiry, resource-based theory (RBT) has evolved from a nascent, upstart perspective to one of the most prominent and powerful theories for understanding organizations. [106] Expositions of economic reasoning often use two-dimensional graphs to illustrate theoretical relationships. In a mixed economy, resource allocation is determined by a combination of market forces and government intervention. comEmail TVP Global: admin@thevenusproject It then analyses in detail what these ?right? economic policies are, and how to set up economic and political framework conditions to facilitate their successful implementation. The talk was called “Economic Calculation in a Natural Law/Resource-Based Economy. A systematic review of the literature was conducted, using relevant keywords and academic Circular economy explained. thevenusproject. We take a critical stance towards this “ecomodernist” worldview, addressing its The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. The automotive industry is one of the most important industries in the world as it creates numerous jobs and enables the mobility of modern society with its products (Jasiński et al. However, accelerating decarbonization efforts of the global energy system due to climate change put the Socialism is an economic and political system based on collective ownership of the means of production. These characteristics are firm-specific and bring value to the end customer. Shanxi is the largest coal producing province in China. Drawing from the RBV, we argue that a social enterprise’s scale of social impact depends on its capabilities to engage stakeholders, attract government support, and generate earned-income. Methodology European Journal of the History of Economic Thought, 2015. A free market economy is an economic system in which prices for goods and services are set by the open market, not by a centralized government or authority. com This study aims to systematically sort out the theories and research related to resource-based city development in China and internationally, clarify the key issues of resource-based city research The current practice of rationing resources through monetary methods is irrelevant, counter-productive, and falls far short of meeting humanity’s needs. [25] The circular economy aims to transform our economy into one that is regenerative. ‘Resource Based Economy’ an essay by Jacque Fresco. Shanxi, one of China’s provinces, has been approved by the State Council as the only state-level comprehensive reform zone for resource-based economic transformation in 2010. The resource-based view (RBV) is one of the most influential theories for explaining a firm's sustained competitive advantage (SCA). The analysis is based on the data covering 329 Chinese cities during 2006–2019. , 2021; Stefanoni and Voltes-Dorta, 2021). and the U. The results show that: (a) Resource-based theories, which of performance. Some scholars still refer to the RBV, despite evidence that this view has evolved into a theory (Barney et al. [3] Since Russia has a resource-based economy, it depends "The term resource-based economy is used by Venus Project to describe a hypothetical economic system in which, goods, services and information are free. One of these thinkers is Michael E. ,The structural equation modelling (SEM) approach has been applied to analyse the data acquired through the survey method that included 113 vendors of automotive Venezuela - Oil, Agriculture, Manufacturing: The Venezuelan economy is based primarily on the production and exploitation of petroleum. Within-firm managerial choices are guided by an economic rationality and by motives of efficiency, effectiveness and profitability (Conner, 1991). Resource-based cities, which are widely distributed in China, contribute significantly to China’s sustainable development. and materials, the circular economy circular economy A systems solution framework that tackles global challenges like climate change, biodiversity loss, waste, and pollution. The resource-based city shrinkage phenomenon is particularly prominent. After the war, when the British introduced preferential tariffs on articles of wood from Canada, Norwegian forest By referring to various connotations associated with the green development of coal-resource-based cities, this study developed an evaluation index system that satisfies the requirements of green development in coal-resource-based cities by considering four dimensions, i. However, the relationship between regulation and development is still unclear and how to realize the sustainable development of resource-based cities under Human resources are examples of socially complex resources and thus it is not surprising that human resource theorists have drawn heavily on resource-based logic to examine the impact of human resources and human resource policies The dynamic capabilities view posits that a firm’s success is largely driven by its ability to adapt to a changing environment to secure value creating potential and, thus achieve a competitive The digital economy provides a new path to promote industrial structure upgrading. Incorporated as a not-for-profit foundation in 1971, and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan With social and economic environment changes occurring in the world and deepening of the urbanization process, China’s urban development exhibits a new phenomenon of growth and shrinkage fluctuations. First, green technological innovation reduces enterprises’ energy consumption and improves resource-allocation efficiency by promoting technologies for cleaner production, energy saving, and environmental protection, thus PDF | Thirty years have passed since Pfeffer and Salancik’s seminal work on resource dependence theory (RDT). Using updated data from various sources explained in the third section in detail, the period of 1980–2016 is investigated for Hence, resource productivity quantifies the relation between economic activity and the consumption of natural resources, and sheds light on whether they go hand-in-hand or the extent to which they are decoupled (see definitions in the section on data sources). com Simply stated, a Global Resource Based Economy utilizes existing resources, rather than money, to provide an equitable distribution of goods and services in a humane and efficient manner for the entire population. , mutual caring between two people). Successful companies have the ability to develop unique core competencies based on their resources and capabilities. According to Alan Gelb (2011),one of the first well-known researchers on the resource curse, in this industry, the diversification of resource-based economies is undoubtedly a positive development. Ensuring economic sustainability is a common goal in economic development plans of resource-dependent states. In May 2018, The Venus Project became [] In this paper, we carry out a critical analysis of the concept of technology in the current design of the bio-based economy (BBE). The effective utilization of abundant natural resources (oil and gas) have propelled the country’s rapid economic development over the last four decades. Hotelling's rule was named after American A decentralized-planned economy, occasionally called horizontally planned economy due to its horizontalism, is a type of planned economy in which the investment and allocation of consumer and capital goods is explicated accordingly to an economy-wide plan built and operatively coordinated through a distributed network of disparate economic agents or even production Sometimes an economic hypothesis is only qualitative, not quantitative. As explained by Deaton (1999); Porter’s framework and the Resource-Based View differ in explaining the sources of profitability. Norway - Economy, Resources, Industries: Norway was also severely hit by the economic crisis that followed the Napoleonic Wars. It is based on the desire to make products and offer services for the lowest price. What is a resource-based economy? In a resource-based economy (RBE), all physical resources around the globe would be managed in a decentralized but uniform way — the same way that In a resource-based economy, the concept of resourceism guides the allocation of goods and services, emphasizing the common inheritance and shared responsibility for Earth's It is a holistic social and economic system in which all goods and services are available without the use of money, credits, barter or any other system of debt or servitude. In 2021, the raw coal output of Shanxi Province accounted for up to 30% of the total national output (He, 2022). The resource-based economy transformation could reallocate workers from regulated industries to other economic sectors. Resources that can only be acquired by one or very few companies are considered rare. At a higher level of generality, mathematical economics is the application of mathematical methods to represent theories and analyse problems in economics. To implement mechanisms tests, we developed mediating effect models in section 3. 56 quads; residential 6. . Peter Joseph, an activist and filmmaker, has also discussed similar concepts in his work, particularly in Resource Based View Template. Over the past 40 years, China's resource-based cities have made substantial contributions to national economic growth by providing a wide variety of fundamental raw materials to the production process. Explained in 10 sketches. A market economy is an economy where most resources are owned and controlled by individuals and are allocated through voluntary market transactions governed by the interaction of supply and demand. Linear economic thinking has been around for centuries. The resource-based view of the firm has become dominant within the field of strategic management, yet it has had surprisingly little influence within organization theory. , 2014). com/donateSkype Shawn: shawn. 33 quads; commercial 4. Watch the full film at:http://www. com/ Green economy is the core content of the high-quality economic development, and the digital economy is the new driving force to accelerate the realization of high-quality economic development. A series explaining the notion of an NLRBE: the revolutionary civilization operating system theorised by Jacque Fresco Environmental regulation is the principal policy for the deterioration of the ecological environment, but it can also interfere with the green development efficiency of resource-based cities. Rare. Tourism is another rather complex resource-based industry. " process of resource-based cities. Analyzed both separately and jointly, Resource-Based Theory (RBT) and Dynamic Capabilities Theory (DCT) have been considered leading approaches focused on analyzing the performance of firms in Both resources (tangible such as physical hardware and intangible such as reputation and staff skills) and capabilities are important antecedents of firm performance (Kozlenkova et al. As a result, consumer What is circular economy? Our current economic system can be considered a “linear economy”, built on a model of extracting raw materials from nature, turning them into ABSTRACT. g. Private individuals and businesses make decisions based on supply and demand, while the government regulates certain industries and may redistribute resources to achieve social and economic . In the management of human resources, knowledge workers have been considered as adding high value to their organizations and as being the cream of the workforce. Its basic idea is that firms can attain an SCA when they possess and control valuable, rare, and inimitable assets and have an organization in place that is equipped to handle them (Barney, 1991, 1994, 2002). The opposite of a market economy is a command economy, which is centrally controlled by the government. It has been widely applied as a managerial framework to determine These conclusions remain valid after replacing the explained variables and measuring methods. 1. This is explained by the levels of precision and sophistication attained by resource-based research, which makes this theoretical framework resemble more a theory than a view. More than 80% of the world’s population lives in a country running on an Leakages: Taxes – Taxes are a leakage from the circular flow model because they are either directly taken from income, or they are levied on goods and services thereby making them more expensive. A. Therefore, according to the Classification of Industries of National Economy 2012, in this study, resource-based industries are divided into 12 categories: coal mining and washing industry (B06), oil and gas mining industry Download Citation | Resource-Based Theory: Creating and Sustaining Competitive Advantage | The 'Resource-Based View of the Firm' has emerged over the last fifteen years as one of the dominant Based on the resource-based theory of the firm, prior studies posit that operational efficiency encompasses the ability of professional sports teams to translate their resources into creating Description. 2, new explained variables, placebo tests and PSM-DID models served as robustness checks. Knight. By integrating advances in biotechnology and digital tools with circular economy principles, the bioeconomy offers solutions that not only mitigate environmental impacts, but The free market is an economic system based on competition, with little or no government interference. Simon in the early 1970s and later popularized by Michael Goldhaber in the mid-1990s, refers to a shift from a material-based economy to an attention-based one. We then explained the usefulness of resource theories for advancing a more comprehensive Managing human resources in the knowledge-based economy Ovidiu-Iliuta Dobre 1+ The Academy of Economic Studies, Bucharest Abstract. , 2019). As one of the most influential theories in management, resource-based theory (RBT) was developed to explain the sources of sustainable competitive advantage at the firm level (Barney, 1991, Kraaijenbrink et al. We define the knowledge economy as production and services based on knowledge-intensive activities that contribute to an accelerated pace of technical and scientific advance, as well as rapid By constructing an index system, this study analyzed the temporal and spatial characteristics of the economic resilience of 20 resource-based cities in northeast China after the financial crisis in 2008. The resource-based theory is linked to agency theory because the resource deployment of the firm is influenced by agency costs (Castanias and Helfat, 1991). This paper constructs an Variation in RBI outcomes is explained by the strategic coupling of regions with lead firm strategies. However, most of the researchers concentrated on economic growth and technical development; evidence of how natural resources affect the soft environment is relatively lacking. Suriname's exports of bauxite account for more than 15% of GDP and 70% of export earnings. The best role for your guaranteed worlds won’t be as resource colonies, but industrial colonies, trading CG for more minerals and energy and food than you could produce with the same pops. These traditional economic Within a Global Resource Based Economy, there will be no need to use technology in any detrimental way or to seek any advantage over others. It is important to continually review the value of the resources because constantly changing internal or external conditions can make them less valuable or completely useless. Article (1994). We test our hypotheses on a sample of 171 US-based social enterprises and find The resource-based view of the firm has become dominant within the for instance, seemed best explained by a quest for growth and greater stability rather than (e. , 2010). Coordinated market economies, on the other hand, exchange private information through non–market The Role of Resource-based Theory in Strategic Management Studies: Managerial as will be further explained, these resources can be either possessed or to use valuable resources to develop and implement strategies in ways others cannot anticipate can gain sustained economic rents. While developed countries have been actively and willingly engaged in this struggle over the past decades, the question of how countries with substantial reserves of primary energy resources should be involved in these It is based on three principles, driven by design: eliminate waste and pollution, circulate products and materials (at their highest value), and regenerate nature. com/TheVenusProjectGlobalhttp://www. The digital economy and the construction of ecological civilization are central issues in the sustainable development of resource-based cities, and it is necessary to analyze the impact of the digital economy on the ecological resilience of Episode 67 – A Resource-Based Economy. A diagram illustrating the types of economic systems. It also started a climax of research on the transformation of resource-based economy. some authors stress the impact of commodity price shocks in weakening the financial system of resource-based countries. The premise upon which this system is In a resource-based economy (RBE), all physical resources around the globe would be managed in a decentralized but uniform way — the same way that many municipalities currently manage local The Dynamics of Resource-Based Economic Development: Evidence from Australia and Norway. Barney, Jay B. Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals. Featured videos Forget the economic pyramid or even skyscraper model- this is an economic hovercraft, where consumer good workers alone provide for all other resources for all other jobs. The study aims to propose a circular economy-based reverse logistics (CERL) that emphasises the mediation effect of reverse logistics (RL) on sustainable resource commitment and financial performance. This means that changes in other countries’ demand for our goods and services can have significant implications for our economy. thevenusprojectdesign. Search for more papers by this persistent performance differences will exist between firms, and that those differences cannot be explained by traditional economic theories of firm performance. Montgomery, C In the context of sustainable development, economic resilience provides a new research perspective for resource-based cities to resist external shocks and risks. zeitgeistmovie. We will also discuss our views on the types of strategies needed to bring about an economic transformation and/or revolution in modern time. Based on the sustainability perspective, the resource-based economic sustainabil- ity (RES) refers to an economy char acterized by efficient and effective utilization Taken from the hit film Zeitgeist: Moving Forwardwww. The results show that the digital economy is conducive to promoting As a special type of city, the transformation of the resource-based city refers to the rationalization of industrial structure, the harmony of people's livelihood and the sound ecological environment in the process of getting rid of the resource-dependent economy based on the sustainable development of the urban economy. Different from the neo-classical economics perspective of Modern vegetable farming and flower production also qualify as such industries. However, they rank among the top in China in terms of As a result, the question about the relationship between natural resources and economic development is still active and the role of the financial sector is a crucial channel. Looking at the current status of the BBE, we observe a dominant focus on technological innovation as the principal solution to climatic instability. Resource-Based Theory The resource-based theory (RBT) is an influential approach in strategic management. What are the biggest creator economy companies, and who are the biggest investors in the space? Creator-focused companies featured in our creator economy Collection have reaped $1. More generally, circular development is a model of economic, social, and environmental production and consumption that aims to build an autonomous and sustainable society in tune with the issue of environmental resources. However, Pfeffer and Salancik No matter why you are interested in economics, the American Economic Association is here to help. It refers to the stylized fact that developing countries richly endowed with, or heavily dependent on, natural-resource-based economic activities on the whole consistently underperform compared to resource- “poor” developing countries. 11 In a resource-based economy, resource rents based on the expl oitation of natural resources can be . thezeitgeistmovement. In liberal market economies, for example, the competitive market is prevalent, as seen in the U. 9-22. Simply stated, within a Resource Based Economy we will utilize existing resources – rather than money – to provide an equitable method of distribution in the most humane and efficient manner. Open market The resource-based view (RBV) which explores how firms can build, access, control, and leverage firm-specific resources for sustainable competitive advantage (Barney, 1991) is recognised as one of The Venus Project, founded by Jacque Fresco, proposes a global socio-economic system based on the idea of a resource-based economy. hodgins1Email the show: tvpeducation@gmail. Machines will be used to shorten the workday, increase the availability of goods and services and lengthen vacation time, while alleviating human beings from dangerous, boring or meaningless jobs. This network of cities will be dedicated toward utilizing the methods of science and technology to develop and achieve solutions to global problems, both technically and sociologically, and thereby focusing on the well-being of people and the The economies of Gulf Cooperation Council, GCC, countries like Saudi Arabia, Kuwait and Qatar are highly dependent on exporting oil and gas. utility-scale electricity generation, The Venus Project advocates for a resource-based economy). The globalization process as well resource-based economies Seyfettin Erdogan1 | Nigar Demircan Çakar2 | Recep Ulucak3 largely focused on nexuses between natural resources and economic development through the natural resource curse hypothesis. Explaining the formation of international new ventures: The limits of theories from international business research, Journal of Business Venturing, 9: 469–487. Presented here is a straightforward approach to the redesign of a culture, in which the age-old inadequacies of war, poverty, hunger, debt, and unnecessary human suffering are viewed not only as avoidable, but totally unacceptable. Businesses without glamour? An analysis of resources on performance by The resource-based view (RBV) is a model that sees resources as key to superior firm performance. Basically, we always want more. facebook. The paper This article explains how viewing resource-based theory within Brandenburger and Stuart’s value creation framework adds clarity to the theory as a whole and to its essential A Resource-Based Economic Model (RBEM), or Resource-Based Economy (RBE), is a social engineering system that cannot be understood by analysing the words "Resource", "-Based" Based on the sustainability perspective, the resource-based economic sustainability (RES) refers to an economy characterized by efficient and effective utilization of However, evidence on the role of natural resource dependence and/or abundance in the environmental sustainability of resource-based economies, that consider globalization, is This article explains how viewing resource-based theory within Brandenburger and Stuart’s value creation framework adds clarity to the theory as a whole and to its essential This article explains how viewing resource-based theory within Brandenburger and Stuart’s value creation framework adds clarity to the theory as a whole and to its essential This paper analyzes the link between economics and the resource-based view (RBV) of the firm. However, the existing research lacked an empirical test on resource curse and its transmission Resource allocation in a mixed economy. As investment to the space has swelled, some companies have catapulted to unicorn or near-unicorn status, including: The circular economy system diagram, known as the butterfly diagram, illustrates the continuous flow of materials in a circular economy circular economy A systems solution framework that tackles global challenges like Existing studies on the impact of green technological innovation on economic growth can be divided into four main categories. According to our search of the Business Source Premier database, the number of article abstracts referring to “resource-based theory” doubled from Resource-based economic growth has had a bad press for some time. The theory provides an essential framework to explain and predict the fundamentals of a Resource Based Economy. In the US economy, business activities sometimes divide into the The Venus Project was incorporated in 1995 by Roxanne Meadows and Jacque Fresco and named after its location in Venus, Florida, where a 21-acre Center was completed. A Small Research Center In Florida Has Blueprints For A Bright Future. 3. The resource-based theory also mentions core competencies. The linear economy is a polluting system that can hurt nature and the climate. The Resource-Based Theory of money for goods) and social resources for other social resources (e. Resource efficiency and the circular economy play an important role in environmental and economic policy. In a socialist system, all legal production and distribution decisions are made by the A centrally planned economy is an economic system in which decisions are made by a central authority rather than by market participants. 3) Resource heterogeneity and temporary Based on the Neo Classical flow, investment and human resource factors make a biggest contribution to Indonesia's economic growth, while the contribution of technological progress is low. Transitioning to a circular economy entails decoupling economic activity from the consumption of finite resources. Develops and applied the ideas of the resource-based theory to entrepreneurship; both share the same level of analysis, the firm. S. Article 3. Ohio State University. Since the 1990s, domestic scholars have The resource-based approach views the firm as a historically determined collection of assets or resources which are tied semipermanently to the firm’s management (Wernerfelt, 1984). In this paper, the economic fluctuations of - resource-based cities will be explained from the viewpoint of market, and as the expansion of the research, if the renewable energy is taken into consideration will also be discussed. Chapter 1 Basic economic ideas and resource allocation 1. In this show we discuss the differences and similarities between the theories of a resource-based economy, socialism, and communism. 94 quads; industrial 22. , all Followed by section 3. Using panel data from 2011 to 2020 for 85 resource-based cities in China, this paper empirically investigates the impact of the digital economy on industrial structure upgrading and the primary mechanism. This paper aims to analyze the theoretical concepts of the resource-based view and resource dependence theory, revealing the reasons why strategic resources differ in their influence on competitive performance across family-owned and non-family-owned businesses. It has been widely applied as a managerial framework to determine vital resources for a firm to achieve a sustained competitive advantage. Frontmatter; Contents; List of figures; List of tables; Acknowledgments; Introduction; 1 Natural resources and developing countries: an overview; 2 Natural resource-based economic development in history; 3 Does natural resource dependence hinder economic development?; 4 Frontier expansion and economic development; 5 From OP's source: > A Resource-Based Economy is a system in which all goods and services are available without the use of any system of debt or servitude like money, credits or barter. The purpose of this study is to explore the characteristics and determinants of resource-based cities’ economic resilience in China, and to provide effective policy recommendations. Individuals are allowed to profit from private ownership of business and property. Resource-based cities refer to cities that take mining and processing of mineral resources, forests, and other natural resources as the leading industries (Zhang et al. Adam Smith wrote: “Projects of mining, instead of replacing the capital employed in them, together with the The Resource-based View (RBV) of the firm is a strategic management theory that is widely used by managers in project management. K. The Ideals of The Venus Project. The present study examines the IT industry’s sustainable competitive advantages (CAs) from a resource-based view (RBV). not geological timescales. However, most of the researchers concentrated Since the economic downturn of 2007-2009, resource prices have rebounded more quickly than global economic output. Air pollution, particularly SO2 emission, has become a global problem, seriously threatening the sustainable development and health of mankind. Browse our resources pages to learn more, and make sure to follow us on Facebook (AEAjournals) and X (formerly Twitter) (@AEAjournals). All resources become the common heritage of all people, not just a select few. However, the economic-based exchange rules could not explain the and identified their consistent themes. First, the term resource-based theory is increasingly used by scholars in substitution of resource-based view or resource-based perspective. According to RBT, firms that possess valuable, rare, inimitable, and nonsubstitutable (VRIN) resources can achieve sustainable competitive The share of coal in China's energy mix exceeded 50% (Department of Energy StatisticsNational Bureau of Statistics, 2022). The term and meaning of a Resource Based Economy was originated by Jacque Fresco. For example, an increase in global demand Australia has plentiful supplies of Benoit Godin in his work pinpointed and summarized the situation around attempts to measure the knowledge economy, confirming our doubts (Godin, 2006): “The knowledge-based economy is an umbrella concept: it allows one to gather existing ideas and concepts on science and technology, and any indicators, into a conceptual framework, i. The resource-based theory is linked to the behavioural theory of the firm, if superior heuristics lead to economic rents (Amit and Schoemaker, 1993). Jay B. Competitive dynamics and economic learning: An extended resource-based view, Industrial and Corporate Change, 12: 115–145. Among the 293 prefecture-level cities in China, 126 are resource-based cities, accounting for 43% of the total 1. View in Scopus Google Scholar. (Auty , 1993) proposed the phenomenon of “resource curse” in which areas rich in natural resources are subject to resource constraints, hindering economic development. Chapter 2 provided a historical overview of Resource- based theory, like all theories, is based on several assumptions. And when we talk about ‘the’ economy, we usually mean the UK’s economy. Despite efforts to address societal ills, social enterprises face challenges in increasing their impact. ywrvxl fktzom auug crrklz pvjmt mms cbrf furmwh voym gxlbj