Explanation : Walt Rostow, US economist and a political theorist suggested that economy passes through following five stages before it becomes a developed economy. The take-off Is defined as the interval during which the rate of Investment increases in such a way that real output per capita rises and this initial increase carries with it radical changes in the techniques of production and the disposition of income flows which perpetuate the new scale of investment and perpetuate thereby the rising trend in per capita output. ....Read more