Role of Natural Resources in Economic Development

The question on the role of natural resources in economic development has no way of controversial. Undoubtedly, they play a very important role in the economic development of a country. But some development economists consider physical resources as rather an importance phenomenon in economic development. Prof. Simon Kuznets defines as, "Every country has some natural resources. The factors that induce formation of adequate reproducible capital as a basis for economic growth are unlikely to be inhibited by an absolute lack of natural resources". However, japan and Israel are the historic examples of economic development, which are advanced in development in spite of meager endowment of resources. The economists of this view, hence, believe that the natural resources, as a matter of fact, do not play any decisive role in development of a country.
Some of the economists have regarded that natural resource endowment of a country as an important determinant of its economic development. Prof. Lewis believes that "Natural resources determine the path of progress" As a country endowed  with rich natural resources can progress at a faster rate than the countries having insufficient natural resources. Most of the advanced countries in the world are found to be rich in natural resources and their economic development has largely been based on their adequate resources base. They support economic development by curbing agricultural productivity, human efficiency and industrial development of the country.