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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.. .

abhishek
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  • as well as of How do economies grow? – Giskard Oct 13 '19 at 07:29
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    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.) – Giskard Oct 13 '19 at 07:30
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    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 https://economics.stackexchange.com/questions/17298/can-the-stock-market-show-indefinite-exponential-growth –  Oct 13 '19 at 08:04
  • What kind of "rich" are you talking about? There are notions of relative and absolute poverty. – the gods from engineering Oct 13 '19 at 08:08
  • Thank you all for your concern.. And 'rich' here I am assuming is GDP of Nation.. . – abhishek Oct 13 '19 at 08:14
  • And resources are fixed.. . Here I mean, that sum of all goods and services in a particular period in all country are fixed and not changing. – abhishek Oct 13 '19 at 08:15
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    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. – Henry Oct 13 '19 at 10:53
  • Fizz's question about your definition of what it means to be 'rich' is critical to being able to answer your question. For example, in the USA, people on welfare are poor, but compared to many countries they live in mansions. Are those people rich or poor? If that is your definition then, yes all countries can become rich. However, If you mean equal outcomes for all countries then the answer is almost certainly no. Look into the Pareto Principle to understand why. – Dunk Oct 14 '19 at 22:41

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