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This chapter discusses a few of the major theories of economic development, reserving for subsequent chapters less comprehensive theories dealing with specific economic questions. As they did in the 1950s and 1960s, economists recently have stressed all-encompassing theories of development, including neoclassicism and rival theories. Type.
The post-World War II literature on economic development has been dominated by four major and sometimes competing strands of thought: (1) the linear stages-of-growth model, (2) theories and patterns of structural change, (3) the international dependence revolution, and (4) the neoclassical, free-market counterrevolution.
The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.
Classical Theories of Economic Development. Linear stages theories are: Rostow’s stages of growth and the Harrod-Domar growth model (cf., Todaro and Smith 2003). The theory of stage of growth suggests that more saving and investment can accelerate the rates of economic growth.
Early development theories emerged from the United States as it sought to increase its influence in the hitherto European-dominated global order and to counter communism, while later theories, reflecting the experience of the developing world and the difficulties of development there, criticized them.
Modern Economic Theory and Development. Karla Hoff Joseph E. Stiglitz. The past 50 years have seen marked changes in our understanding of development. We know that development is possible, but not inevi-table. We have had a wealth of experiments. There are clearly no sure-fire formulas for success; if there were, there would be more successes.
This chapter reviews some of the most prominent theories of economic development. These theories describe tools and strategies for making development goals achievable. The chapter starts with early views about the nature of economic prosperity.