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)
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