In this article we will discuss about the theory of immiserising growth. The process of economic growth may bring about an increase in level of output in the growing economy and the wealth effect may even be positive but the deterioration in the terms of its trade may be so large that it more than offsets the positive wealth effect. [...]
In this article we will discuss about:- 1. Introduction to Export Pessimism 2. Nurkse's Version of Export Pessimism 3. Empirical Testing. Introduction to Export Pessimism: During 1950's many economists like Prebisch, Myrdal, Singer and Nurkse recognized that the exports of LDC's during the 20th century were quite weak in contrast to buoyancy of exports during the 19th century. Many LDC's [...]
Prof. W.W. Rostow, an eminent economic historian, has described the historical process of transition from underdevelopment to development in terms of a series of five stages of growth through which all countries must pass to reach the ultimate destination of a developed country'. These five stages of growth are: 1. The traditional society, 2. Preconditions for take-off, 3. The take-off [...]