Answer:
Advantages of Rostow's Model:
Clear and simple stages of economic growth: Rostow's model identifies five distinct stages of economic growth, making it easy to understand and apply to different countries.
Emphasis on investment and saving: Rostow's model emphasizes the importance of investment and saving in promoting economic growth.
Recognition of the role of technology: Rostow's model recognizes that technological advancements play a key role in economic growth.
Disadvantages of Rostow's Model:
Limited applicability: Rostow's model is primarily focused on developed countries, and may not be as applicable to developing countries.
Over-simplification of the growth process: The model's five stages of economic growth may not fully capture the complexity of the growth process.
Ignores external factors: Rostow's model does not take into account external factors such as globalization, trade policies, and natural resources that can affect a country's economic growth.
Linearity assumption: Rostow's model assumes that economic growth occurs in a linear progression through stages, but in reality, this may not always be the case.
Ignores the role of government and institutions: Rostow's model does not take into account the role of government and institutions in promoting economic growth.