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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.
What is the difference between absolute and comparative advantage? Difference between absolute and comparative advantage: • Absolute advantage arises while a country or reg
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What is meant by the term exception reporting? What are the advantages and the drawbacks of this type of reporting? Exception reports concentrate onto what has not gone as per
theory of profit maximisation
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How does sectoral change enhance development? The Lewis Model argues economic growth needs structural change into the economy whereby surplus labour into traditional agricultu
What are the limitations of comparative advantage? Limitations of comparative advantage: International trade needs wide specialisation. This can have drawbacks as given b
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