DEVELOPMENT AND APPLICATIONS

                    DIMENSIONS OF DEVELOPMENT
Economic dimensions
It means modernisation in the social economic growth.Its aim is to uplift the standards of living of people through provision of basic needs.
political dimension
Improvement in human rights, freedom and democratization of the country.This provide the necessary environment for development.
Social and cultural dimension of development
It calls for modernisation of citizen atttitude towards participation in development activities,change in customs and beliefs.
Environmental dimension of development
It calls for betterment of the environment.
Technological dimensions
It calls improvement in technological industry.

THEORIES OF DEVELOPMENT
Adam Smiths Theory of Development (Classical theory)
It is based on the following premises.

Natural law 
Every person  is the best judge of his/her self interests and should be left to pursue his own advantage.In furthering self intrsts, he would also further the common good.in doing ths, every is one led by the indivisible band in guided market mechanism.

Division of labor
It results in the greatest improvement in the productive powers of labour.This will lead to

1. The increase in the dexterity of every worker
2. The saving in time to produce goods.
3. Technological advancement.

It is therefore improved technology that leads to division of labor and the expansion of the market(it also leads to certain posterity in human nature).
Division of labor is limited  by the extend of market, with increase in population and transport facilities, there is bound to be greater division of labor and increase in capital.

Process of capital accumulation.
This is a necessary condition for economic development
The ability of people save and invest more leads greater capital accumulation.Smith held that the laboring classeswere incapable of saving and investing as this requires capital investment or the renting of the land which were held by capitalists and landlords.
This was based on the (Iron Law of Wages) which held that the laboring class earned only enough wages for subsistence. And whatever wages went beyond the subsistence level,then the lobour force will increase creating competition among the laborers forcing employers to reduce the wages...to be continued.