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Economy

Erhunse Confidence

Implication of Big-push theory on Nigerian
economic development

Seminar paper

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2
INTRODUCTION
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3
Concept of Economic Development
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6
Indivisibility in the Production Function
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6
Indivisibility in the Supply of Savings
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7
Implications of Big-Push theory on Nigerian Economic Development
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9
REFERENCES
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The theory provided an explanation of how developing countries can industrialize through
broad-based investment and coordination
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It was concluded that
developing countries like Nigeria generally lack the capital required to provide this big push in
investments
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Keywords: Big-Push theory, economic and development
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The theory of the big push asserts that underdeveloped countries require large amounts
of investments to come out of the problem of backwardness and launch policies for economic
development
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Policies designed to encourage the development of the Nigerian economy will need to be
guided by the big-push theory
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As earlier economic
theories on development were silent on issues of post-World War II, classic political
economists, from Ricardo to Marx, viewed that similar problems on economic development
were being addressed despite the fact that the word ‘development’ was not used
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Development in England in the nineteenth century as argued by Cowen & Shenton (1996) was
all about remedies for the shortcomings and maladies of progress that rest on population and
urban squalor
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Diseases,
malnourishment and death happen in the everyday lives of those people from the developing
countries than that of developed countries
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Modern development economics came after colonial economics, which was partly controlled
by chartered companies engaging in plantations and mining activities
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The objectives of colonial
economics were to make the colonies cost effective and then to manage economic resources
with a view to national independence
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A clear distinction has to be made between growth and development
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An upward movement
(increase) over time in a country`s real output of goods and services (GNP) or real output per
capita income is often termed to be economic growth while economic development usually
implies an upward movement of the entire social system in terms of income, savings and
investment along with progressive changes in socioeconomic structure of country
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(e
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HDI-Human Development
Index; gender-related index; Human poverty index; infant mortality; literacy rate; etc
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g
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A country that is perpetually underdeveloped is often caught in a vicious circle, which is
referred to as poverty trap
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They assert
that there are qualitative dimensions in the development process which may be missing in the
growth of a given economy expressed in terms of an increase in the national product or the
product per capita
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Development goals must be defined in terms
of progressive reduction and eventual elimination of malnutrition, disease, illiteracy, squalor,
unemployment, and inequa

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