AP (Advanced Placement) Macroeconomics Economic Growth & Productivity-Growth Policies Study Material (Page 2 of 5)
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Rostow՚s Model
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Rostow՚s Model
- Professor W. W. Rostow has sought an historical approach to the process of economic development. He refers to five stages of economic growth
- Traditional society: According to him, the structure of the traditional society was based on primitive technology and orthodox ideas of the people.
- The modern facilities of science and technology were absent. The economic activities were carried with simple tools and implements, and were confined only to meet the domestic needs.
- The pre-industrial r…
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Economic Development
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Economic Development
- The economic development is a comprehensive concept.
- It implies progressive changes in the socio-economic structure of a country.
- Economic development means economic growth with structural changes in favor of non-agricultural activities. This implies that the share of agriculture sector in GDP should decline and share of industrial and service sector should increase.
- This is a reflection of changing demand for goods and services and changing demand for labour by production technology in the different sectors.
- Economic development deals with problems of underdeveloped countries and economic growth deals with the problems of developed countries.
- The term economic growth refers to an increase ov…
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