Question

Critically debate how theories of sustainable economic development differ from classic theories of economic development

Answer 1

Classical Theories of Economic Development The Linear Stages of Growth ModelsThe first generation of economic development models was formulated in the early years after the World War II. These early models focused on the utility of massive injections of capital to achieve rapid GDP growth rates. The two famous models are Rostow's stages growth model and the Harrod-Domar model (Todaro and Smith 2009).Theorists of the 1950s and early 1960s viewed the process of development as a sequence