PHASES OF

ECONOMIC
DEVELOPMENT
ECONOMIC DEVELOMENT
Economic Development is the process by which
a nation improves the economic, political and
social well-being of its people.
Economic Development can be defined as efforts
that seek to improve the economic well-being and
quality of life for a community by creating and/ or
retaining jobs and supporting and growing
incomes and the tax base.
 5 PHASES OF
ECONOMIC
DEVELOPMENT
MALTHUSIAN

 Proposed by Thomas Robert Malthus (1766-

1834)
A theory about economic growth which depends
on the rate of the population of a certain area.
The economic growth is inversely proportional to
the population. The smaller population, the
higher the growth and vice versa.
GOVERNMENT- LED (LOCAL ECONOMIC
DEVELOPMENT)

An approach towards economic development

which allows and encourages local people to
work together to achieve sustainable economic
growth and development.
Support the formation of partnership between
local and national institutions towards strategic
implementations.
A LA KUZNETS

Proposed by Simon Kuznets

The existence of a pattern or
behaviour, between economic growth
and environmental degradation.
HUMAN CAPITAL BASED

Is a measure of the economic value of an

employee’s skill set.
Refers to the knowledge, skills sets and motivation
that people have, which provide economic value.
It could be invested in through education, training
and enhanced benefits that lead to an improvement
in the quality and level of production.
POST DEMOGRAPHIC TRANSITION

Proposed in 1929 by Warren Thompson

Is the transition from high birth and death rate
to lower birth and death rate as the country
develops from pre-industrial to an industrialized
economic system.
Fertility rate decreases when child mortality is
low, and is weakly dependent in GDP.