Question
Identify the correct sequence of stages of growth as propounded by Walt Rostow :
The correct answer is
Traditional society, pre-conditions for take-off, take-off, drive to maturity, age of mass consumption.
Rostow's Stages of Economic Growth: Correct Sequence
Walt Rostow's model outlines five stages of economic development that countries typically pass through. Identifying the correct sequence is crucial for understanding modernization theory.
Understanding Rostow's Growth Stages
The stages represent a historical progression. The correct order, as identified in the options, follows a linear path from less developed to more developed economies.
- Traditional society: Characterized by subsistence agriculture, limited technology, and rigid social structures.
- Pre-conditions for take-off: Development of infrastructure, education, and emergence of a commercial class. Increased investment occurs.
- Take-off: Rapid industrialization begins, leading to sustained economic growth. Sector-specific growth accelerates.
- Drive to maturity: Diversification of the economy, technological advancement spreads across industries, and living standards rise.
- Age of mass consumption: High mass-consumption levels are reached, focusing on welfare and durable consumer goods.
Therefore, the correct sequence is: Traditional society, pre-conditions for take-off, take-off, drive to maturity, age of mass consumption.
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Important Questions from Economic Growth & Development
- According to Rostow, any industry can play the role of leading sector in the take-off stage provided following conditions are met.
A. The market for the product is expanding rapidly
B. The leading sector generates secondary expansion
C. The sector has an adequate and continual supply of capital from ploughed-back profits.
D. Introduction of new techniques into the sector to increase productivity
Ε. Changes in industrial structure should be structural ones
Choose the most appropriate answer from the options given below : Match List-I with List-II:
List-I
(Concepts)List-II
(their expression)
(where, gm=manufacturing output growth, gGDP=GDP growth, Pnm=productivity in outside manufacturing,
Pm=Productivity in manufacturing)A. Kaldor's first law of growth I. Pnm = f(gm), f' > 0 B. Kaldor's second law of growth II. ȳ = ε · (u − u*) C. Kaldor's third law of growth III. gGDP = f(gm), f' > 0 D. Okun's law IV. Pm = f(gm), f' > 0 Choose the correct answer from the options given below :
- The idea of constructing poverty-weighted indices of growth is.
- In the context of neoclassical growth model, the effects of an increase in population growth rate is/are.
A. Reduction in steady-state level of capital per head
B. Increase in per capita output
C. Increase in steady state rate of growth of aggregate output
D. Decrease in capital-output ratio
Ε. An inward shift in production possibility curve.
Choose the most appropriate answer from the options given below: - Arrange the following publications in chronological order starting from the oldest to the latest.
A. "Theory of Economic Growth" by Arthur Lewis
B. "A Contribution to the Theory of Economic Growth" by Robert Solow
C. "The Stages of Economic Growth: A Non Communist Manifesto" by Walt Rostow
D. "Asian Drama: An Inquiry into the Poverty of Nations" by Gunnar Myrdal
Ε. "Strategy of Economic Development" by Albert Hirschman
Choose the correct answer from the options given below :
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