Week # 3-4: Characteristics of LDCs

  • Dominance of agriculture and petty services
  • Low level of capital accumulation
  • Rapid population growth
  • Exports dominated by primary commodities
  • Curse of natural resources
  • Weak institutional structures
  • Other dimensions of development gap
  • Inequality: vertical and horizontal
  • Growth and distribution: Poverty-weighted growth rates
  • Stages of development and structural change
  • Rostow’s stages of growth
  • Industrialisation and growth
  • Kaldor’s growth laws
  • Classical growth theory
  • Harrod-Domar growth model
  • Neoclassical growth model
  • Production function approach to analysis of growth and studies for developing countries
  • ‘New’ (endogenous) growth theory and macrodeterminants of growth
  • ‘Growth diagnostics’ and binding constraints on growth

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