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Theories of Economic Development
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Which theory of economic development emphasizes the importance of capital accumulation and technological progress?
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A
Neoclassical Economic Theory
💡 Explanation:
Neoclassical economic theory, also known as neoclassical growth theory, focuses on the role of capital accumulation and technological progress in driving economic growth. It suggests that increasing the stock of physical capital and human capital, as well as adopting new technologies, can lead to sustained economic growth.