Economic development is increase in the income and standard of living of people.
it is important to know the different phases of economic development in order "to determine how best to move to the next phase of development".
Stages of economic development according to Rostow:
- Traditional stage: This is the first stage characterised by the non - existence of science and technology in an economy.
- Precondition to take off: This stage comprises mainly basic changes in the social, political and economic fields.
- Take off stage: This is a period in which you investment rate increases which increases the real output per capita.
- Drive to maturity: In the stage, total capital per head increases as the economy grow.
- Age of high mass consumption: The per capita real income increases at this stage. A higher percentage of the population can afford consumption beyond the basic food, shelter and clothing.
Therefore, it is important to know the different phases of economic development in order "to determine how best to move to the next phase of development".
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