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Faced with a new plethora of nations whose standards of living and institutions were so different from the European, modern development theory, by which we mean the analysis not only of growth but also of the institutions which could induce, sustain and accelerate growth, began in earnest. and the various regional commissions - proved to be another important impetus.Early development theorists - such as Bert Hoselitz, Simon Kuznets, W. The commissioning of numerous studies by these institutions led to the emergence of a non-academic strand of development theory.
For many lay people, economic development - by which we mean the analysis of the economic progress of nations - is what economics as a whole is designed to address.
Indeed, what but to find the "nature and causes" of economic development was Adam Smith's purpose?
Early Keynesians, such as Kaldor and Robinson, attempted to call attention to the issue of income distribution as a determinant of savings and growth.
Even modern Marxians such as Maurice Dobb (1951, 1960) focused on the issue of savings-formation.
The celebrated early work on the "dual economy" by Sir W.
Arthur Lewis (1954, 1955) precisely stressed the role of savings in development.As already noted, Adam Smith and indeed, perhaps the entire Classical School was concerned with what might be termed "economic development".Schumpeter's first famous book was entitled a Theory of Economic Development (1911).It was only some time after the war that economists really began turning their concerns towards Asia, Africa and Latin America.To this end, decolonization was an important catalyst.Already Hla Myint, Gottfried Haberler and Jacob Viner had stressed this avenue - arguing along lines similar to the classical doctrine of Adam Smith that trade and specialization can increase the "extent of the market". However, it was really only in 1969 that Dudley Seers finally broke the growth fetishism of development theory.Development, he argued, was a social phenomenon that involved more than increasing per capita output.As later made famous by Alexander Gerschenkron (1953, 1962) and, more crudely, Walt W.Rostow (1960), the stages theories argued that all countries passed through the same historical stages of economic development and that current underdeveloped countries were merely at an earlier stage in this linear historical progress while First World (European and North American) nations were at a later stage.Arthur Lewis, Hla Myint were among the first economists to begin analyzing economic development as a distinct subject. Development as Growth and Capital-Formation Early economic development theory was but merely an extension of conventional economic theory which equated "development" with growth and industrialization.The post-war formation of the United Nations - and its attendant agencies, such as the World Bank, the I. As a result, Latin American, Asian and African countries were seen mostly as "underdeveloped" countries, i.e.