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🎓 Development Economics – Unit 2 One Shot | Theories of Economic Development | Delhi University

Welcome to this complete ONE SHOT lecture on Unit 2: Theories of Economic Development, specially prepared for Delhi University (DU) students studying B.A. (Hons) Economics, B.A. Programme, B.Com, and related courses.

This video explains all major development theories step-by-step in simple language, with comparisons, criticism, and exam-oriented points, making it ideal for semester exams and quick revision.


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🔍 What You Will Learn in This Video (Unit 2 – Complete Coverage)

This unit focuses on how economists explain the process of economic development and why some countries grow faster than others.


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✅ Introduction to Theories of Economic Development

Meaning of development theories

Need for development theories

Relevance of theories for developing countries



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✅ Classical Theory of Economic Growth

Views of Adam Smith, Ricardo, and Malthus

Role of capital accumulation

Population growth and diminishing returns

Criticism of classical theory



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✅ Marxian Theory of Economic Development

Karl Marx’s view on development

Capitalism, surplus value, and exploitation

Class struggle and economic change

Importance and criticism



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✅ Schumpeter’s Theory of Economic Development

Role of entrepreneur

Concept of innovation

Creative destruction

Importance of technological progress



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✅ Balanced Growth Theory (Rosenstein-Rodan)

Meaning of balanced growth

Big Push theory

Importance of simultaneous investment

Relevance for underdeveloped economies

Criticism



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✅ Unbalanced Growth Theory (Hirschman)

Meaning of unbalanced growth

Strategy of deliberate imbalance

Forward and backward linkages

Comparison with balanced growth



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✅ Lewis Model of Economic Development

Dual economy model

Traditional (agriculture) sector vs modern (industrial) sector

Surplus labour concept

Importance for developing countries



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🎯 Why This Video Is Important for DU Students

✔ Covers entire Unit 2 syllabus in one video
✔ Explained in easy, non-technical language
✔ Includes comparison and criticism for exams
✔ Perfect for long-answer questions
✔ Saves time during last-minute revision


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👩‍🎓 Who Should Watch This Video?

Delhi University Economics students

B.A. (Hons) Economics & B.A. Programme students

Students preparing for semester exams & internals

Beginners struggling with development theories

Aspirants of CUET PG, NET (basic understanding)



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📌 Key Takeaways from This One Shot

Clear understanding of how development takes place

Ability to compare different development theories

Strong base for analytical answers in exams

Better conceptual clarity of developing economy problems



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📚 Important Exam Keywords Covered

Theories of Economic Development

Classical Growth Theory

Marxian Theory

Schumpeter Innovation Theory

Balanced Growth Theory

Unbalanced Growth Theory

Lewis Dual Sector Model

Development Economics Unit 2 DU



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