This article is about the academic field. Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the debraj ray development economics pdf free download or international level. Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans. Also unlike many other fields of economics, there is no consensus on what students should know.
Earlier theories had given little attention to development. Christian theology and ethics, rather than development. To achieve a positive trade balance, protectionist measures such as tariffs and subsidies to home industries were advocated. 1684 gave the only comprehensive statement of mercantilist theory, emphasizing production and an export-led economy. Father of the National System. A significant difference from mercantilism was the de-emphasis on colonies, in favor of a focus on domestic production.
American System, and drew from the mercantilist economies of Britain under Elizabeth I and France under Colbert. The origins of modern development economics are often traced to the need for, and likely problems with the industrialization of eastern Europe in the aftermath of World War II. Only after the war did economists turn their concerns towards Asia, Africa and Latin America. This theory modifies Marx’s stages theory of development and focuses on the accelerated accumulation of capital, through the utilization of both domestic and international savings as a means of spurring investment, as the primary means of promoting economic growth and, thus, development. The linear-stages-of-growth model posits that there are a series of five consecutive stages of development which all countries must go through during the process of development. That is to say that this early and simplistic theory failed to account for political, social and institutional obstacles to development.