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Comparative Analysis of Development Theories: Growth, Linear Stages, and Structural Change

This chapter explores classic development theories including Rostow's stages of growth and the Harrod-Domar model, addressing obstacles, criticisms, and implications of structural changes. The Lewis model of modern-sector growth and the international dependence revolution are analyzed, alongside the neoclassical counterrevolution. The text reconciles differences in development theories, highlighting strengths and weaknesses while discussing key concepts such as autarky, periphery, and self-sustaining growth.

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Comparative Analysis of Development Theories: Growth, Linear Stages, and Structural Change

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  1. Classic Theories of Development: A Comparative Analysis Chapter 4

  2. Development as Growth and the Linear-Stages Theories • Rostow’s stages of growth • The Harrod-Domar growth model • Obstacles and constraints • Some criticisms of the stages model

  3. The Harrod-Domar Model (4.1) (4.2) (4.3) (4.4)

  4. The Harrod-Domar Model (4.5) (4.6) (4.7)

  5. Structural-Change Models • The Lewis theory

  6. Figure 4.1 The Lewis Model of Modern-Sector Growth in a Two-Sector Surplus-Labor Economy

  7. Figure 4.2 The Lewis Model Modified by Laborsaving Capital Accumulation: Employment Implications

  8. Structural-Change Models • The Lewis theory • Structural change and patterns of development • Conclusions and implications

  9. The International-Dependence Revolution • The neoclassical dependence model • The false-paradigm model • The dualistic-development thesis • Conclusions and implications

  10. The Neoclassical Counterrevolution • Challenging the statist model • Free market approach • Public choice approach • Market-friendly approach • Traditional neoclassical growth theory • Conclusions and implications

  11. Theories of Development: Reconciling the Differences • Development economics has no universally accepted paradigm • Insights and understandings are continually evolving • Each theory has some strengths and some weaknesses

  12. Autarky Average product Capital-labor ratio Capital-output ratio Capital stock Center Closed economy Comprador groups Dependence Dominance Dualism Endogenous growth False-paradigm model Free market Free-market analysis Concepts for Review

  13. Harrod-Domar growth model Lewis two-sector model Marginal product Market-friendly approach Necessary condition Neoclassical counterrevolution Neocolonial dependence model New institutionalism New political economy approach Open economy Concepts for Review, cont’d

  14. Patterns-of-development analysis Periphery Production function Public choice theory Savings ratio Self-sustaining growth Solow neoclassical growth model Stages-of-growth model of development Structural-change theory Structural transformation Sufficient condition Concepts for Review, cont’d

  15. Surplus labor Traditional neoclassical growth theory Underdevelopment Concepts for Review, cont’d

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