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Theories of Under Development:

 

Nurkse's Model of Vicious Circle of Poverty (VCP):

 

According to Prof. Nurkse: It is the vicious circle of poverty (VCP) which is responsible for backwardness of UDCs. Continue reading.

 

Nelson's Low Level Equilibrium Trap:

 

Nelson has presented the theory of low level equilibrium trap for the UDCs. This theory is based upon 'Malthus' view that when per capita income of a country rises above the 'Minimum Subsistence Wage', the population will tend to increase. Continue reading.

 

Leibenstein's Critical Minimum Effort:

 

Harvey Leibenstein is of the view that UDCs are characterized by vicious circle of poverty (VCP) which keeps them around a low income per capita equilibrium state. The way out of this impasse is a certain 'Critical minimum effort' which would raise the per capita to a level at which sustained development could be maintained. Continue reading.

 

Big Push Theory By Rosenstein Rodan:

 

The Big Push Theory has been presented by Rosenstein Rodan. The idea behind this theory is this that a big push or a big and comprehensive investment package can be helpful to bring economic development. In other words, a certain minimum amount of resources must be devoted for developmental programs, if the success of programs is required. Continue reading.

 

Linear Stages Theory and Rostow's Stages of Economic Growth:

 

The theorists of 1950s and early 1960s viewed the process of development as a series of successive stages of economic growth through which all the advanced nations of the world had passed. As all the modern industrial nations of the world were once undeveloped peasant agrarian economies. Continue reading.

 

Harrod-Domar (H-D) Growth Model:

 

Any economy which wishes to grow it is in need of new investment, i.e., the net additions to capital stock. If for the output worth $1, the stock of capital worth $3 is required, then the ratio between capital and output will be 3 to 1. Such relationship is known as COR. Continue reading.

 

Adelman and Morris Stage Theory:

 

Irma Adelman and Morris presented their theory of stages of economic growth in their book "Society, Politics and Economic Development" in 1967. They share with Rostow and others that the process of economic development can best be analyzed in terms of stages. They use different techniques in distinguishing these stages. Continue reading.

 

International Structuralist Models:

 

There is an other approach regarding the study of international underdevelopment which came into being as a result of dissatisfaction against the 'Stages approach'. Such approach is given the name of "International Structuralist Model". Continue reading.

 

Dualism and the Concept of Dual Societies:

 

It is the international-structuralist model which highlighted the concept of dual societies. This means that there exist rich nations and poor nations at world level; and a few rich accompanied with a majority of poor people in the developing countries. Continue reading.

 

Dualistic Theories:

 

There are different theories which are of the view that the poverty and underdevelopment of poor countries is attributed to their dualistic character. Continue reading.

 

Rural-Urban Migration Model:

 

Economies have a backward agricultural sector and have an advanced industrial sector. Continue reading.

 

Neo-Classical Counter Revolution Theory:

 

During I980's when conservative govts. were in power in US, UK, Canada and Western Germany the neo-classical counter revolution theory and policy was revitalized. Continue reading.

 

Traditional and Modern Growth Theories:

 

According to traditional/old growth theory output growth results from one or more of three factors. Continue reading.

 

Romer's Model of Endogenous Growth Theory:

 

Prof. Romer, in his Endogenous Growth Theory Model, includes the technical spillovers which are attached with industrialization. Therefore, this model not only represents endogenous growth but it is closely linked with developing countries also. Continue reading.

 

 

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Development and Planning Economics
Introduction to Development Economics
Features of Developing Countries
Economic Development and Economic Growth
Theories of Under Development
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Monetary Economics and Public Finance
History of Money

 

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