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Economic Development Theories
The literature on economic development is full of theories about its growth, stages and requirements. This is because every economist has his/her own idea on the subject. It is essential to go over the more popularly accepted ideas in order to have a fair knowledge of the subject and be able to penetrate the ideas of even the lesser known economic theorists.
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Preview of the essay: Economic Development Theories
The theory of economic development has borrowed much from economic history in the formulation of theory. This is specially so in the case of thinker who conceptualized the development process as a series of stages through which an economy passes as it moves towards maturity (Gill, 1965). The most prominent ideas on the stages of economic development come from Walt Whitman Rostow who divided the development stages into five as follows:
1. Traditional Society- This is the situation in a society wherein the people depend upon land as basic resources for their livelihood and where the production techniques are more or less the same for many years. Diminishing returns from farming takes place as the population grows. As a result, production is marginal ...
... affecting investments, credit, taxation, labor, infrastructure, education, land use, transportation, international trade, technology and international relations have bearing upon economic development. These are more easily clarified and understood when explained against the theoretical background that the leadership has adopted (Myinth, 1965).
Policies are needed to establish and fortify the poles of development which are the strong points of growth. The pole of growth in Japan was general innovation. The automotive industry was the pole of growth in the United States. When theory relates to the pole of development, the policy becomes clear.
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This essay is teeming with ideas regarding the philosophy of economics. It has what it takes to spark a good piece of debate.