The need for a massive investment program to leapfrog into industrialization.
Increase availability of life-sustaining goods, raise levels of living, and expand economic/social choices. Slide 4: Classic Theories of Development (Chapter 3)
Unlike traditional economic models that focus solely on Gross Domestic Product (GDP) growth, Todaro and Smith view development as a multi-dimensional process. Their framework involves major changes in social structures, popular attitudes, and national institutions, alongside accelerated economic growth, the reduction of inequality, and the eradication of poverty. The Three Core Values of Development
Part III — Models of Development and Growth Strategies
