Development Theories after Second World War

Development Theories after Second World War Introduction Economic growth is a narrow concept that involves an increase in the nation’s output observed using the increment in resources. On the contrary, economic development encompasses the normative aspect of growth. This aspect involves the measurement of people’s morality.Advertising We will write a custom essay sample on Development Theories after Second World War specifically for you for only $16.05 $11/page Learn More According to Todaro and Smith, economic development is the increase that a given society realizes in terms of living standards, self-esteem and freedom from oppression (67). In order to measure development, economists have come up with the human development index that captures all sectors of the society. Unlike the economic growth, development takes into consideration the informal sectors of the economy. Many people have tried to explain the level of economic development that a country or society can undergo. Different people including Keynes put original theories of development forward and they were applied in the economic growth and development up to World War II. The theories originated from the classical school of thought. In their argument, they postulated that economic development occurs due to investments in capital and labor. Capital can be used to generate resources used in economic development. Stages of Growth Model of Rostow Immediately after the Second World War, the world was filled with cold war experienced n the 1950s and 1960s. In the course of this period, Rostow’s stage of growth model was uncovered. The model that was put forward by the American economic historian Walt Rostow postulated that the transition that an economy undergoes from underdevelopment to development occurs in phases. The phases of development as described by Rostow range from the traditional society, pre-condition to take off, take off, the drive to maturity and the probably the phase of high mass cons umption. This theory further argues that countries perceived and ranked as developed have undergone all stages successfully to their current phase in which they consume products massively (Potter 86). Harrod-Domar Model This theory postulates that capital goods wear out in the course of their use and have to be replaced savings. The summarized from of the model indicates that the rate at which an economy grows is determined by two factors that are the rate of savings in the economy and the capital-output ratio of a country.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The main findings of this model are that in order for an economy to grow and attain the level of development, the country must invest in its physical capital using funds from savings. Consequently, the rate of growth and development could be measured by the level of savings and investment in physical capital in th e country. Despite the contributions of this theory to understanding development, it has been criticized that increased savings and investment in capital for development are necessary conditions for development, but not sufficient reasons. Based on this criticism, other theories have been developed (Eicher 51). The Lewis Theory This theory was first put forward in the mid 1950s but was later modified to become the Two-Sector model. The theory divides the economy into two sectors that are the subsistence rural sector and the urban sector. The rural sector is characterized by high supply of labor while the urban sector is characterized by surplus of capital. Productivity occurs through the interaction of capital and labor, hence the production function. The theory postulates that a country can realize development through increased investment in physical capital found in urban areas while the surplus labor is transferred from the rural sector to work in the urban sectors. In spite of i ts contributions, the theory assumes zero marginal productivity in the agricultural sector with the acquired revenue being re-invested in the urban sector, which is not proved by empirical evidence (Allen and Thomas 121). The Solow Growth Model There is a close link between economic growth and development as sustainable economic growth results into economic development. Despite the contribution that the classical and traditional theories of development contributed to the discipline, modern theories put forward some interesting revelations. One of the modern theories of development is the Solow Growth model. This theory has included changes in technology into the model of growth and development. Therefore, it postulates that development is a factor of capital, labor and technological advances (North 210).Advertising We will write a custom essay sample on Development Theories after Second World War specifically for you for only $16.05 $11/page Learn More Acco rding to Potter, the Solow model incorporates the importance of knowledge and technology into the model of development (109). Therefore, the production function assumes constant returns to scale. It can be deduced from the model that long-term growth of an economy requires application of knowledge and technology and not only labor and capital. From this survey, it is evident that the theories of development have changed over time beginning from the Second World War. While earlier theories only considered capital and labor, neo-classical development theories factored in technology in the achievement of economic growth and development. In addition, earlier theories insisted in investment in physical capital using savings as major factors for development. However, later theories have emphasized the importance of investing in knowledge and technology apart from capital as necessary and sufficient development conditions. Allen, Tim and Thomas, Allan. Poverty and Development into the 21s t century. Oxford: Oxford University Press. 2000. Print. Eicher, Staatz. International Agricultural Development. 3rd edn. Baltimore: The Johns Hopkins University Press. 1998. Print. North, Douglas. Structure and Change in Economic History. London: W.W Norton Company. 1981. Print.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Potter, Robert, et al. Geographies of Development, An introduction to Developments Stuides. 3rd ed. Harlow: Pearson, Prentice Hall. 2008. Print. Todaro, Michael and Smith, Stephen. Economic Development. 10th edn. Addison-Wesley. 2009. Print.

Definition and Exampes in English Grammar

Definition and Exampes in English Grammar A diminutive is a word form or suffix that indicates smallness. Also called  hypocoristic. In his Dictionary of English Grammar (2000), R.L. Trask points out that the English language usually forms diminutives by suffixing -y or -ie, often to a reduced form of the source word, as in hanky for a handkerchief, doggie for dog and Tommie for Thomas. But we also use -ette, as in statuette and kitchenette. Other examples of diminutives include  booklet, a small book; circlet, a small circle; duckling, a young duck; hillock  a small hill; novelette, a short novel; wavelet, a ripple or small wave; rivulet, a small brook or stream; gosling, a young goose; coronet, a small crown; eyelet, a small hole; and  droplet, a tiny drop. Etymology From the Latin deminut, to lessen Example My parents named me William, but my friends call me Billy or just Bill. Except for one aunt who calls me Willy. Diminutive Derivation [I]n English, productive diminutive derivation hardly exists at all, despite the existence of isolated baby forms such as handies, doggie or birdie (one can say girlie but not *mannie, auntie but not *unclie, horsie but not *goatie, and so on. The Trick of Shrinking A charming trick almost every language has is the shrinking of someone or something you like by the use of diminutives. The diminutive of Charles is Charlie. The diminutive of William is Billy. The diminutive of star is starlet. The diminutive of pig is piglet. The Olympics of diminutives is won hands-down by the Italians, who have literally dozens of different forms of the diminutive, each conveying its own special nuance of feeling for the noun undergoing the shrinking. A Borrowed Italian Diminutive The food is so good because the ingredients are excellent, like the bread that is made especially for ino at Blue Ribbon Bakery down the block. But ino, a word ending that is an all-purpose Italian diminutive, also offers a European-style warmth. Contrasting Attitudes Toward Diminutives Traditionally, the term diminutive has been used to refer to words which denote smallness and possibly also expressing an attitude. The expressed attitude can be either positive or negative, i.e. either affectionate or derogatory, depending on the specific interplay of linguistic and situational factors in a given context. Diminutives are titles of endearment. Dr. Johnson calling Goldsmith Goldy did equal honor to both. Fanny is a patronizing diminutive. It makes the author [Frances Burney] sound the harmless, childish, priggish girl-woman that many critics want her to beas if the heroine of Mansfield Park has set up as a novelist. Let her have an adult full name. Pronunciation di-MIN-you-tif Sources David Klass,  You Dont Know Me. Square Fish, 2001 Anna Wierzbicka,  Cross-Cultural Pragmatics: The Semantics of Human Interaction. Walter de Gruyter, 1991 (Barry Farber,  How to Learn Any Language. Citadel, 1991 Eric Asimov, An Italian Sandwich Shop That Takes the Diminutive.  The New York Times, February 10, 1999 Margaret Anne Doody,  Frances Burney: The Life in the Works. Rutgers University Press, 1988