Question Solved1 Answer Briefly but comprehensively examine the classical theory of Growth and development and bring on clearly some of the limitations of this theory towards the understanding of growth and development? ( 20 marks)

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Briefly but comprehensively examine the classical theory of Growth and development and bring on clearly some of the limitations of this theory towards the understanding of growth and development? ( 20 marks)

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Classical theory of growth and development;This theory tells us that economic growth will decrease or end because of an increasing population and limited resources . When there is temporary increase in real GDP per person then there would be population explosion which would decrease real gdp. This theory tells about subsistence level . This is the minimum amount of income that is required for survival . ... See the full answer