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Development economics is a branch of economics that deals ... An early theory of development economics, the linear-stages-of-growth model was first formulated in ...
His 1966 article with Alan Strout, "Foreign assistance and economic development", [2] provided a macro-economic theory of development aid's effectiveness which remained, for the following 20 years or more, the most explicit model available. [3] Chenery worked as the World Bank's vice president for development policy from 1972 through to 1982. [1]
The Harrod–Domar model is a Keynesian model of economic growth. It is used in development economics to explain an economy's growth rate in terms of the level of saving and of capital . It suggests that there is no natural reason for an economy to have balanced growth.
The Rostow model has serious flaws, of which the most serious are: (1) The model assumes that development can be achieved through a basic sequence of stages which are the same for all countries, a doubtful assumption; (2) The model measures development solely by means of the increase of GDP per capita; (3) The model focuses on characteristics ...
The Rostovian take-off model (also called "Rostow's Stages of Growth") is one of the major historical models of economic growth. It was developed by W. W. Rostow. The model postulates that economic modernization occurs in five basic stages, of varying length. [1] Traditional society; Preconditions for take-off; Take-off; Drive to maturity
The "Dual Sector Model" is a theory of development in which surplus labor from traditional agricultural sector is transferred to the modern industrial sector whose growth over time absorbs the surplus labor, promotes industrialization and stimulates sustained development. In the model, the traditional agricultural sector is typically ...
The Harris–Todaro model, named after John R. Harris and Michael Todaro, is an economic model developed in 1970 and used in development economics and welfare economics to explain some of the issues concerning rural-urban migration.
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. [1]