The Stages of Economic Growth
Friedrich List (1789–1846) envisaged five stages of economic growth. Of these the first two stages, viz. those of savagery and pastoral life, are not of much interest to us. The next three stages, in ascending order, are marked by the predominance of agriculture, agriculture-and-manufactures and, finally, agriculture-manufactures-and-trade. Already before List this sequence of stages of development had been noted by Adam Smith, who, moreover, was careful to add an important qualification to his statement on this subject.
KeywordsEconomic Growth Labour Force Capita Income National Income National Product
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