A Theoretical Framework on the Resource Industry: From the Value of Resource in Economy
For researches on the relation between natural resource and economy, the concept of (natural) resource industry is a crucial element. However there is scarcely any theoretical study on the connotation and denotation of resource industry. We hold that the characteristics of resource industry stem from its attributive adjective – (natural) resource, which should be deeply analyzed in order to learn the appropriate meaning of resource industry. On this account, we focus on the theoretical framework of resource industry, by taking the concept of natural resource value as a starting point, and then presenting two definitions of resource industry to meet the different requirements of relative researches. This paper would lay the foundations for the analysis and evaluation of resource industry economy, and establish a more explicit perspective for the empirical studies of the relationship between resource and economy, such as the validation of Natural Resource Curse Hypothesis.