virtually, everyone know what development is all about.
Development or economic development can be simply defined as sustainable grow and increase standard of living of the people in one particular country.
Many Economists has formulated different theory and model to explain growth and development, some basing their arguments on capital accumulation, some on labour, some on technology, some on national output and saving rate while others on capital stock.
So what do you think accelerate development or how can less developing attained development?
Saving rate
Capital accumulation
National output
Technology
Others
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Technology
(50.0%)
7
/ 14
Others
(21.43%)
3
/ 14
21.43% Complete (success)
National output
(14.29%)
2
/ 14
14.29% Complete (success)
Saving rate
(7.14%)
1
/ 14
Capital accumulation
(7.14%)
1
/ 14
