ROSTOWS stages of economic growth

The following are ROSTOWS stages of economic growth

1 Traditional society

A Traditional society is technologically & scientifically under developed.It is society whose structure is developed within production function

2 Take off period

It is the interval during which rate of investment increases in such way that real output per capita rises & increase carries radical change in techniques of production & disposition of income flows which perpetuate trend in percapita output

3 Drive to maturity

It is long period of self economic growth.In this period of techniques of production are used per head availability of capital increases

4 Age of high mass consumption

This stage starts when leading sectors shift towards production of durable consumer good.During stage per capita real income increase to level which large number of people can afford consumption & clothing requirements