ECON 313 Chapter Notes - Chapter 3: Marginal Product, Endogenous Growth Theory, Human Capital
27 Mar 2018
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Document Summary
"development should therefore be perceived as a multidimensional process involving the reorganization and reorientation of entire economic and social systems. " 1950s/1960s: development was seen as a series of successive stages of economic growth through which all countries must pass. Used modern economic theory and statistical analysis in an attempt to portray the internal process of structural change that a "typical" developing country must undergo to success in creating and sustaining economic growth. Viewed underdevelopment in terms of international and domestic power relationships. Emphasized the benefit of free markets, open economies and privatization on inefficient public enterprises. Failure to develop was seen as the result of too much government intervention and regulation of the economy. Rostow"s stages of growth (stages-of-growth model of development): a theory of economic development, associated with the american economic historian walt w. Rostow, according to which a country passes through sequential stages in achieving development.
