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Economic Development Theories
Economic Development Theories
growth.
The Lewis two-sector model of structural change emphasizes the significance of resource transfers from
minimum to maximum operations in the process of economic development— attempting to analyze the
numerous connection between traditional agriculture and modern industry and illuminating positive
growth experiences such as China's.
Chenery and his colleagues' empirical research tries to document specifically how economies undertake
structural transformation and to quantify the values of important economic factors involved in this
process.
The ideas of international-dependence theorists highlight the significance of the structure and functioning
of the global economy, as well as the numerous ways in which actions taken in the developed world can
impact the lives of millions of people in the developing world.
In conclusion, each of the perspectives on development has more to give. Later in the book, as we examine
the roots and potential solutions to a variety of problems such as poverty, unemployment, population
growth, international trade, rural development, and the environment, their respective roles
and contributions will become evident.