NTA-NET (UGC-NET) Economics & Development (01) Development and Planning-Approaches to Development Study Material (Page 3 of 3)
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Determinants of the Need for Critical Minimum Effort, Explanation of the Theory
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- Harvey Leibenstein has propounded the thesis of critical minimum effort which is an attempt to provide a solution to the problems of development which are faced by the underdeveloped countries.
- The most common problem which is faced by the underdeveloped countries is the vicious circle of poverty which creates an atmosphere of inertia among the people.
- Minimum effort is therefore, called for in order to overcome the inertia and therefore it is necessary in order to achieve a study s…
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Low Income Equilibrium Trap
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- Nelson developed the theory of Low level equilibrium trap for the underdeveloped countries.
- Like the critical minimum effort thesis, this theory is also based upon the Malthusian hypothesis that with the increase in the per capita income of a country above the minimum subsistence level, the population will tend to increase.
- Initially, the population grows rapi…
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