Rostovian take-off model
Overview
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
. It was developed by W. W. Rostow
Walt Whitman Rostow
Walt Whitman Rostow was a United States economist and political theorist who served as Special Assistant for National Security Affairs to U.S. President Lyndon B...
. The model postulates that economic growth occurs in five basic stages, of varying length.
- Traditional society
- Preconditions for take-off
- Take-off
- Drive to maturity
- Age of High mass consumption
Rostow claimed that these stages of growth were designed to tackle a number of issues.
Unanswered Questions
