‘Take-off stage’ in an Economy Means

  1. Steady Growth Begins
  2. Economy is Stagnant
  3. Economy is about to collapse
  4. All control are removed
Monis Rasool Professor Asked on 21st October 2015 in Economics.
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    Steady Growth Begins

    ‘Take-off stage’ in an economy means steady growth begins. “Take-off is an industrial revolution, tied directly to radical changes in methods of production, having their decisive consequence over a relatively short period of time” -Rostow.
    According to the Rostow who suggested three related conditions for making the growth process self-sustained:

    • A rise in the rate of productive investment from about 5 percent or less to over 10 percent of national income or net national product.
    • The development of the one or more substantial manufacturing sectors, with a high rate of growth.
    • The existence or quite emergence of a political, social and institutional framework which exploits the impulses to expansion in modern sector and gives growth an on-going character.
    Monis Rasool Professor Answered on 22nd October 2015.
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