Question
Match the development theories with their respective proponents. Column A: Theories 1. Theory of Unbalanced Growth 2. Theory of Critical Minimum Effort 3. Creative destruction 4. Stages of Economic Growth Column B: Proponents
A. Hirschman
B. Leibenstein
C. Rostow
D. Schumpete
Solution
Unbalanced Growth – Hirschman: He said all sectors cannot grow at the same time in poor countries. So, focus on key sectors first to push others to grow. Critical Minimum Effort – Leibenstein: He explained that poor countries are stuck in a “low growth trap.” A big push (minimum level of investment) is needed to start continuous growth. Creative Destruction – Schumpeter: He said new inventions and businesses replace old ones. This process destroys the old but creates progress and growth. Stages of Growth – Rostow: He described 5 stages of growth from traditional farming society to modern industrial society with high consumption.
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