What are the limits of development theories, Business Economics

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What are the limits of development theories?

Theories are generalisations:

• When LDCs share similarities, each country is unique economic, cultural, social and historical experience implies the implications of a specified theory vary widely through country to country.

• There is no one individually agreed model of development. Each theory, as Rostow, provides an insight in one or two dimensions of the complicated process of development. For example, Rostow assists us to think regarding the stages of development LDCs might take and Harrod Domar model describes the significance of adequate savings in such process.


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