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What are the limitations of Classical Theories of Development?

Highlight the limitations of Classical Theories of Development.

Answers

Maurice
(i) It ignores the significant role played by the middle class that is, the capitalist the labour
class.

(ii) A stationary state is not a likely reality either for DCS or LDCS.

(iii) It neglects the significant role played by technological advancement.

(iv) It is a state model that looks like a growth model which is not.

(v) It does not emphasize the role of entrepreneurs who really bring about innovation that lead to capital formation.

(vi) It is based on unrealistic assimilation of perfect conception however free and fair competition is never found anywhere.

(vii) It ignores the role of the state in dais complex society state intervention is inevitable
maurice.mutuku answered the question on April 23, 2019 at 10:13

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