Final answer:
False. Economic development is a complex process influenced by a variety of factors, including government policies. Market-oriented theories emphasize the importance of free markets but do not suggest that governments should completely 'get out of the way.' Government intervention is necessary for economic development.
Step-by-step explanation:
Economic development is a complex process influenced by a variety of factors, including government policies. While market-oriented theories emphasize the importance of free markets in driving economic growth, they do not suggest that governments should completely 'get out of the way.' Instead, these theories advocate for limited government intervention to address market failures and create a conducive environment for businesses to thrive.
Government policies such as infrastructure development, investment in education and healthcare, and regulation of monopolies and externalities can play a crucial role in promoting economic development. Additionally, market-oriented theories acknowledge that government action can help address market failures and ensure fair competition, which are necessary for sustained economic growth.