Economic development and growth are not new concepts. They have their roots in the past. The World-Wide Depression (1929-33) and the Second World War (1939-44) were the two historic events, that compelled the nations all over the world to think seriously about the problems of economic development. The study of economic development is one of the most exciting and challenging branches of the broader disciplines of economics and political economy. It is worth noting that economic development is not considered as the economics of advanced capitalist nations nor the economics of centralized social economies. It is the economics of contemporary poor and underdeveloped nations with varying ideological organizations, diverse cultural backgrounds, and very complex yet similar economic problems that usually demand new ideas and novel approaches. A number of factors have affected this change and upsurge of interest in economics of development and the economies of the poor countries, which are in some way inter-related with one another. First, in the wake of the great depression of 1930s and the aftermath of the Second World War, there was a renewed academic interest among professional economists in the theory of growth, development and planning. Second, the poor countries themselves have become aware of their own backwardness, which has led to a natural desire for more rapid progress. Third, the absolute number of poor are considerably greater than was in the past, and a greater awareness has strung the humanitarian chord. Fourth, the growing recognition by all concerned of the mutual interdependence between countries in the world economy, which has been due to globalization making all countries more vulnerable to shocks and financial crises. The scope and the opportunities for research and policymaking in economics of development and growth are tremendous. There are government institutions, research bureaus, think tanks, and several other organizations that look for graduates in economics who are enthusiastic about working with them, and bring the best combination of traditional theory and practical approach to solve the problems of the world. Every year, several students decide to pursue degree course in economics and enroll themselves into college or university, with an aim to specialize in development economics and contribute their bit to add prosperity to the society. The team of economics assignment help experts at Archlite thought of sharing with you the classical theories in development economics that marked the beginning of its proper study. Through years of experience in the field of writing, with an in-depth knowledge about the subject, and a clear understanding of the concepts, our team has written briefly about some of the classical theories that you should know about. The classical school consists of Adam Smith, David Ricardo, and Thomas Malthus. Their approach to economic development was macro in character. Now, without further ado let’s take a read!
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