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Table of Contents Unit 1 Economic Development Click Here 1.1 Economic Underdevelopment: Concept, Definition and Indicators 1.2 Economic Development: Concept, Definition and Indicators 1.3 Economic Growth: Concept, Definition and Indicators 1.4 Economic Development V/s Economic Growth Unit 2 Economic Growth Models Click Here 2.1Harrod&Domer model 2.2 Classical theories of Development: Adam Smith & David Ricardo 2.3 Karl Marx Theory of Development 2.4 Schumpeter and Capitalistic Development Unit 3 Economic Growth Models Click Here 3.1Vicious Circle of Poverty 3.2GurnarMirdals Theory of Circular Causation 3.3Lewis theory of Unlimited Supplies of Labour 3.4Big Push Theory of Development Unit 4 Growth: Balanced & Unbalanced Click Here 4.1Balanced Growth: Concept, Essentials and criticisms, Rodan’s Approach 4.2 Duseanbari Effect, Prof. Nerks Approach of Balanced Growth 4.3 Unbalanced Economic Growth: Concept, Nature and Princi...

1.1 Meaning and Definition of Underdevelopment Underdevelopment is a low level of development characterized by low real per capita income, widespread poverty, lower level of literacy, low life expectancy and underutilisation of resources etc. The state is the underdeveloped economy fails to provide acceptable levels of living to a large fraction of its population, thus resulting in misery and material deprivations. We need to note here that underdevelopment is a relative concept but it sustains absolute poverty. The original meaning of the term indicated that existing resources had not been exploited. The word is now close in meaning to ‘poverty’, although some oil-rich underdeveloped countries have high incomes which are enjoyed by the few. Indicators of underdevelopment include high birth rates, high infant mortality, undernourishment, a large agricultural and small industrial sector, low per capita GDP, high levels of illiteracy, and low life expectancy. 1.2 Economic de...