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PRESENTATION
This chapter discusses a few of the major theories of economic development, reserving for subsequent chapters
less comprehensive theories dealing with specific economic questions. As they did in the 1950s and 1960s,
economists recently have stressed all-encompassing theories of development, including neoclassicism and rival
theories.

As we go on with the presentation, different economic theories will be discussed and the critiques of those of the
English classical economist.

THEORIES OF ECONIMIC DEVELOPMENT 1


1 INTRODUCTION
Introduction in Theories of Economic Development

TABLE OF 2 Economic Theories

CONTENT 3 The Classical Theory of


Economic Stagnation
S 4 The Vicious Circle Theory
Balanced and Unbalanced
5 Growth

THEORIES OF ECONIMIC DEVELOPMENT 2


6 The O-Ring Theory

TABLE OF 7 The Lewis-Fei-Ran Theory

CONTENT 8 End For This Day

THEORIES OF ECONIMIC DEVELOPMENT 3


INTRODUCTION
THEORIES OF
ECONOMIC
THEORIES OF
ECONOMIC
DEVELOPMENT
 For the economist, however, a theory is a systematic explanation of interrelationships among economic
variables, and its purpose is to explain causal relationships among these variables. Usually a theory is used
not only to understand the world better but also to provide a basis for policy. In any event, theorists cannot
consider all the factors influencing economic growth in a single theory. They must determine which variables
are crucial and which are irrelevant. However, reality is so complicated that a simple model may omit critical
variables in the real world (Kindleberger and Herrick 1977:40). And although complex mathematical models
can handle a large number of variables, they have not been very successful in explaining economic
development, especially in the third world.

THEORIES OF ECONIMIC DEVELOPMENT 5


 Marxists consider classical and later orthodox economic
analysis as a still photograph, which describes reality at a
certain time. In contrast, the dialectical approach,

Marx’s
analogous to a moving picture, looks at a social
phenomenon by examining where it was and is going and
its process of change. History moves from one stage to

Historical
another, say, from feudalism to capitalism to socialism, on
the basis of changes in ruling and oppressed classes and
their relationship to each other. Conflict between the forces

Materialism
of production (the state of science and technology, the
organization of production, and the development of human
skills) and the existing relations of production (the
Karl Marx’s views were shaped by radical changes in appropriation and distribution of output as well as a
Western Europe: the French Revolution; the rise of society’s way of thinking, its ideology, and worldview)
industrial, capitalist production; political and labor
revolts; and a growing secular rationalism. Marx (1818– provide the dynamic movement in the materialist
83) opposed the prevailing philosophy and political interpretation of history. The interaction between forces and
economy, especially the views of utopian socialists and relations of production shapes politics, law, morality,
classical economists, in favor of a worldview called
historical materialism. religion, culture, and ideas.

THEORIES OF ECONIMIC DEVELOPMENT 6


ROSTOW’S FIVE STAGES OF
ECONOMIC GROWTH MODEL
Walt Rostow took a historical approach in suggesting
that developed countries have tended to pass through 5 stages to
reach their current degree of economic development.
These are:

1. Traditional society. This is an agricultural economy of mainly subsistence farming, little of which is traded. The size of the capital stock is
limited and of low quality resulting in very low labor productivity and little surplus output left to sell in domestic and overseas markets

2. Pre-conditions for take-off. Agriculture becomes more mechanized and more output is traded. Savings and investment grow although they are still
a small percentage of national income (GDP). Some external funding is required - for example in the form of overseas aid or perhaps remittance
incomes from migrant workers living overseas

3. Take-off. Manufacturing industry assumes greater importance, although the number of industries remains small. Political and social institutions start
to develop - external finance may still be required. Savings and investment grow, perhaps to 15% of GDP. Agriculture assumes lesser importance in
relative terms although the majority of people may remain employed in the farming sector. There is often a dual economy apparent with rising
productivity and wealth in manufacturing and other industries contrasted with stubbornly low productivity and real incomes in rural agriculture.

4. Drive to maturity. Industry becomes more diverse. Growth should spread to different parts of the country as the state of technology improves - the
economy moves from being dependent on factor inputs for growth towards making better use of innovation to bring about increases in real per capita
incomes

5. Age of mass consumption. Output levels grow, enabling increased consumer expenditure. There is a shift towards tertiary sector activity and the
growth is sustained by the expansion of a middle class of consumers.

THEORIES OF ECONIMIC DEVELOPMENT 8


NEOCLASSICI
SM
an economic theory and policy that stressed freedom
from the state’s economic restraint.

Neoclassical economists dominate the two most powerful


international financial agencies in developing countries, the World
Bank and International Monetary Fund. Neoclassicism includes
a formal growth theory, which emphasizes the importance of capital
formation for economic growth. The fact that the neoclassical
growth theory assumed perfect competition and had no explanation
for the level of technology within the model motivated other
economists to propose an endogenous growth theory in which
technical progress, the chief source of growth, was explained within
 facebook.com/shairamaeobliga the model.
 twitter.com/ordonaryan

THEORIES OF ECONIMIC DEVELOPMENT 9


Neoclassical Classical
Economics Economics
 Neoclassical economics is a theory that focuses on how the  The Classical Theory is the traditional theory, wherein more
perception of efficacy or usefulness of products affects market forces: emphasis is on the organization rather than the employees
supply and demand. It suggests that because the consumer's goal
working therein. According to the classical theory, the
is utility maximization, or customer satisfaction, and that the
organization is considered as a machine and the human
organization's goal is profit maximization, the customer is ultimately in
control of market forces such as price and demand. beings as different components/parts of that machine.

THEORIES OF ECONIMIC DEVELOPMENT 10


Economic
THEORIES
The Classical Theory of
Economic Stagnation
 The classical theory, based on the work of the 19th-century English economist David Ricardo, Principles of
Political Economy and Taxation (1817), was pessimistic about the possibility of sustained economic growth.
For Ricardo, who assumed little continuing technical progress, growth was limited by land scarcity.

 The classical model also took into account (1) the use of paper money, (2) the development of institutions to
supply it in appropriate quantities, (3) capital accumulation based on output in excess of wages, and (4)
division of labor (limited primarily by the size of the market). A major tenet of Ricardo was the law of
diminishing returns, referring to successively lower extra outputs from adding an equal extra input to fixed
land. For him, diminishing returns from population growth and a constant amount of land threatened
economic growth. Because Ricardo believed technological change or improved production techniques could
only temporarily check diminishing returns, increasing capital was seen as the only way of offsetting this long-
run threat.
THEORIES OF ECONIMIC DEVELOPMENT 10
Vicious Circle  The vicious circle theory indicates that poverty perpetuates itself
in mutually reinforcing vicious circles on both the supply and

Theory demand sides.

 SUPPLY SIDE Because incomes are low, consumption cannot


be diverted to saving for capital formation. Lack of capital results
in low productivity per person, which perpetuates low levels of
income. Thus, the circle is complete. A country is poor because it
was previously too poor to save and invest. Or as Jeffrey Sachs
(2005:56) explains the poverty trap: “Poverty itself [is the] cause
of economic stagnation.” Japan’s high savings rates during
periods of rapid economic growth during the 1950s, 1960s, and
1970s, and the high savings rates of the Asian tigers, Malaysia,
and Thailand imply the other side of the coin of the vicious circle.
As countries grow richer, they save more, creating a virtuous
circle in which high savings rates lead to faster growth (Edwards
1995; Economist 1995b:72; World Bank 2003i:218–220).

 DEMAND SIDE Furthermore, because incomes are low, market


size (for consumer goods such as shoes, electric bulbs, and
textiles) is too small to encourage potential investors. Lack of
investment means low productivity and continued low income. A
country is poor because it was previously too poor to provide the
market to spur investment. THEORIES OF ECONIMIC DEVELOPMENT 13
Balanced VS.
Unbalanced
Growth
A major development debate from the 1940s through the 1960s concerned balanced
growth versus unbalanced growth. Some of the debate was semantic, as the meaning
of balance can vary from the absurd requirement that all sectors grow at the same rate
to the more sensible plea that some attention be given to all major sectors – industry,
agriculture, and services. However, absurdities aside, the discussion raised some
important issues. What are the relative merits of strategies of gradualism versus a big
push? Is capital or entrepreneurship the major limitation to growth? THEORIES OF ECONIMIC DEVELOPMENT 14
BALANCED
GROWTH
The synchronized application of capital to a wide range of different industries is called
balanced growth by its advocates. Ragnar Nurkse (1953) considers this strategy the
only way of escaping from the vicious circle of poverty. He does not consider the
expansion of exports promising, because the price elasticity of demand (minus
percentage change in quantity demanded divided by percentage change in price) for
the LDCs’ predominantly primary exports is less than one, thus reducing export
earnings with increased volume, other things being equal.

Albert O. Hirschman (1958) develops the idea of unbalanced investment to


complement existing imbalances. He contends that deliberately unbalancing the
economy, in line with a predesigned strategy, is the best path for economic
growth. He argues that the big push thesis may make interesting reading for
economists, but it is gloomy news for the LDCs: They do not have the skills
needed to launch such a massive effort. The major shortage in LDCs is not the
supply of savings, but the decision to invest by entrepreneurs, the risk takers
and decision makers. The ability to invest is dependent on the amount and

UNBALANCED
nature of existing investments. Hirschman believes poor countries need a
development strategy that spurs investment decisions.

GROWTH THEORIES OF ECONIMIC DEVELOPMENT 15


STRATEGIES UNDER
BALANCED GROWTH

THEORIES OF ECONIMIC DEVELOPMENT 16


BALANCED GROWTH

INDIVISIBILITY IN INDIVISIBILITY IN
BIG PUSH THESIS INFRASTRUCTURES DEMAND
For Paul N. Rosenstein-Rodan (1943:202–211), the For Rosenstein-Rodan, a major indivisibility is in This indivisibility arises from the
factors that contribute to economic growth, such as
infrastructure, such as power, transport, and interdependence of investment decisions; that
demand and investment in infrastructure, do not
increase smoothly but are subject to sizable jumps or communications. This basic social capital reduces is, a prospective investor is uncertain whether
indivisibilities. These indivisibilities result from flaws costs to other industries. To illustrate, the railroad the output from his or her investment project
created in the investment market by external from Kanpur to the Calcutta docks increases the will find a market. Rosenstein-Rodan uses the
economies, that is, cost advantages rendered free by
competitiveness of India’s wool textiles domestically example of an economy closed to
one producer to another. These benefits spill over to
society as a whole, or to some member of it, rather and abroad. However, the investment for the 950- international trade to illustrate this indivisibility.
than to the investor concerned. As an example, the kilometer, Kanpur–Calcutta rail line is virtually He assumes that there are numerous
increased production, decreased average costs, and indivisible, in that a line a fraction as long is of little
labor training and experience that result from additional subsistence agricultural laborers whose work
value. Building the Aswan Dam or the Monterrey–
investment in the steel industry will benefit other adds nothing to total output (that is, the
industries as well. Greater output stimulates the Mexico City telegraph line is subject to similar
marginal productivity of their labor equals
demand for iron, coal, and transport. Lower costs may discontinuities.
make vehicles and aluminum cheaper. In addition other zero). If 100 of these farm workers were hired
industries may benefit later by hiring laborers who in a shoe factory, their wages would increase
acquired industrial skills in the steel mills. Thus, the income
social profitability of this investment exceeds its private
profitability. Moreover, unless government intervenes, THEORIES OF ECONIMIC DEVELOPMENT 17
total private investment will be too low.
BALANCED GROWTH
THE MURPHY-SHLEIFER-
VISHNY MODEL

Kevin Murphy, Andrei Shleifer ,and Robert Vishny (1989:537–


564)analyze an economy in which world trade is costly –
perhaps today, Bolivia, where a majority of the population live
on a high plateau between two north–south Andes mountain
chains; landlocked east-central African states Rwanda,
Burundi, Uganda, or Malawi; or isolated islands Papua
NewGuinea; or in the19th century, the United States,
Australia, or Japan. Domestic agriculture or exports may not
be sufficient for industrialization, so these economies need
large domestic markets. ala Rosenstein-Rodan. For
increasing returns from sliding down the initial part of a U-
shaped long-run average cost curve (representing successive
plants with more specialized labor and equipment), sales must
THEORIES OF ECONIMIC DEVELOPMENT 18
be high enough to cover fixed setup costs.
Hirschman’s Strategic of
Unbalance
 Albert O. Hirschman (1958) develops the idea of unbalanced investment to complement existing imbalances.
He contends that deliberately unbalancing the economy, in line with a predesigned strategy, is the best path
for economic growth. He argues that the big push thesis may make interesting reading for economists, but it
is gloomy news for the LDCs: They do not have the skills needed to launch such a massive effort. The major
shortage in LDCs is not the supply of savings, but the decision to invest by entrepreneurs, the risk takers and
decision makers. The ability to invest is dependent on the amount and nature of existing investments.
Hirschman believes poor countries need a development strategy that spurs investment decisions. He
suggests that sincere sources and abilities are limited, a big push is sensible only in strategically selected
industries within the economy. Growth then spreads from one sector to another (similar to Rostow’s concept
of leading and following sectors). However, investment should not be left solely to individual entrepreneurs in
the market, as the profitability of different investment projects may depend on the order in which they are
undertaken
THEORIES OF ECONIMIC DEVELOPMENT 19
The O-Ring Theory of

Economic Development
A model of economic development put forward by Michael Kremer in 1993. This
theory proposes that tasks of production must be executed proficiently together
in order for any of them to be of high value. Kremer proposes a production
function in which “production consists of many tasks, [either simultaneous or
sequential], all of which must be successfully completed for the product to have
full value”
• They key feature of this model is “positive assortative matching”

5 Major Assumptions
1. firms are risk-neutral
2. labor markets are competitive
3. workers supply labor inelastically,
4. workers are imperfect substitutes for one another,
5. and there is a sufficient complementarity of tasks.

THEORIES OF ECONIMIC DEVELOPMENT 20


Taiwan and South
Korea
Ready for takeoff in the mid-1960s, relied on government action to override coordination failure,both
countries have a reasonably skilled labor force but a low endowment of physical capital, especially
for taking advantage of scale economies.
Korea’s government provided the initiative, subsidized capital, and guaranteed markets ex. Hyundai
and Lucky Goldstar
Taiwan’s government took the initial steps in establishing enterprises such as plastics, textiles, fibers,
steel, and electronics. In some instances, such as plastics, the state firm was handed over to private
entrepreneurs on completion. For Mankiw, Romer, and Weil (1992:407–437), human capital, and for
Romer, endogenous (originating internally) technology, when added to physical capital and labor in
neoclassical growth theory, are important factors contributing to economic growth.

THEORIES OF ECONIMIC DEVELOPMENT 21


TheLewis–
Fei–Ran is
Model
a dualism model in developmental
economics or welfare economics -
economic growth gets started in a less-
developed country with a traditional
agricultural sector and an industrial
capitalist sector - The source of capital in
the industrial sector is profits from the low
wages paid an unlimited supply of surplus
labor from traditional agriculture.

THEORIES OF ECONIMIC DEVELOPMENT 22


Fei-Ranis Model
Fei–Ranis dual economy model of three growth stages. They
further argue that the model lacks in the proper application of
concentrated analysis to the change that takes place with
agricultural development In Phase 1 of the Fei–Ranis model,
the elasticity of the agricultural labor work-force is infinite and
as a result, suffers from disguised unemployment. Also, the
marginal product of labor is zero. This phase is similar to the
Lewis model. In Phase 2 of the model, the agricultural sector
sees a rise in productivity and this leads to increased industrial
growth such that a base for the next phase is prepared. In
Phase 2, agricultural surplus may exist as the increasing
average product (AP), higher than the marginal product (MP)
and not equal to the subsistence level of wages.

THEORIES OF ECONIMIC DEVELOPMENT 23


Fei-Ranis Modification
John Fei and Gustav Ranis, the agricultural sector must grow, through technological progress, for
output to grow as fast as population; technical change increases output per hectare to compensate for
the increase in labor per land, which is a fixed resource - institutional wage supported by nonmarket
factors such as the government minimum wage or labor union pressure. This institutional wage can
remain infinitely elastic even when the marginal revenue productivity of labor is greater than zero; this
wage remains at the same level as long as marginal productivity is less than the wage. - the turning
point or commercialization point, industry abandons the institutional wage, and - together with
agriculture, must pay the market rate. As with the Lewis model, the advent of fully commercialized
agriculture and industry ends industrial growth (or what Fei–Ranis labels the takeoff into self-sustained
growth). - One problem is to avoid increasing the average product of labor in agriculture and the
industrial institutional wage that would halt industrial expansion. Fei and Ranis solve this with a sleight
of hand; the LDC maintains a constant institutional wage until QL3 but at the expense of realism: each
migrating farm worker takes his or her own subsistence bundle to the industrial sector.

THEORIES OF ECONIMIC DEVELOPMENT 24


APPLICATION OF
THE LEWIS–FEI–RANIS
MODEL TO JAPAN
Fei and Ranis believe their model applies to Japan from 1888 to1930.Indeed,unlike Lewis’s assumption, the marginal
productivity of Labor in Japanese agriculture during this period was always positive. And Japan’s industry paid a low
premium for labor after 1873, when land reform displaced a large number of landless workers, who could no longer lease
land. Because much of industry’s wage laborers – women, second and third sons with no inheritance rights, or off-farm
part-time workers – merely supplemented household income, employers paid them less than subsistence wages.

In Japan, over a normal range, where product and labor demand increased gradually, labor supply elasticities (percentage
change in quantity supplied/percentage change in wage) were high (although not infinite, with a perfectly horizontal supply,
as in Lewis–Fei–Ranis),benefiting from vaster serves in the agricultural and informal industrial sectors.

Indeed, empirical studies by neoclassical critics show that (1)both farm and industrial wages fluctuate in response to
changes in supply and demand; and (2)the supply curve is upward sloping, showing a positive relationship between the
wage and quantity of labor.

THEORIES OF ECONIMIC DEVELOPMENT 25


THANK YOU FOR LAYS’INING
GOD BLESS!

THEORIES OF ECONIMIC DEVELOPMENT 26


OUR SERVICES
BUSINESS
UX DESIGN MARKETING
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STRATEGY
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mediocritatem ut his. Has modus falli ea, appellantur conclusionemque mei in. Novum Novum ridens mel ut, vix in aliquip praesent,
oblique deterruisset his ad. quando at cum. esse oporteat rationibus ut nec.

THEORIES OF ECONIMIC DEVELOPMENT 27


UX DESIGN
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OUR MARKETING
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SERVICES
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BUSINESS STRATEGY
Esse vitae commodo et pri, ad noster offendit eam. Harum prompta
copiosae no quo, sed in vidit expetendis. Vel omnes saperet patrioque an.
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THEORIES OF ECONIMIC DEVELOPMENT 28


OUR MEMBERS

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Director Creative Director UX Specialist

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My life
didn’t
please me,
so I created
my life.
THEORIES OF ECONIMIC DEVELOPMENT 30
OUR PROMISES
WE CARE WE SHARE
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mediocrem per ne. Ne duo verear fabellas. No nam. Mei alia legimus officiis ut. Soluta diceret
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WE CREATE WE SATISFY
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THEORIES OF ECONIMIC DEVELOPMENT 31


THE START
OF
OUR DREAM
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his ut, mea melius consulatu quaerendum an. Veri theophrastus duo te.
OUR HISTORY
2010 2012 2014

BORN GROWTH INNOVATION


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no atomorum comprehensam. No eam expetendis nam. Mei alia legimus officiis ridens mediocrem per ne. Ne duo verear
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THEORIES OF ECONIMIC DEVELOPMENT 33


2016 2018 2020

AWARD SUCCESS NOW


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his ut, mea melius consulatu quaerendum veritus in pri. Prompta appareat quo ut, fabellas. No pro diceret scribentur
an. Veri theophrastus duo te. ad probo intellegebat sed. consequuntur.

THEORIES OF ECONIMIC DEVELOPMENT 34


IMPORTANT
MILESTONES
Ullum exerci adolescens et eum. Duis meis

MILESTONE 3 03 sententiae in mei, ne errem causae reprimique nec.


Dictas facilis luptatum ut pro.

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MILESTONE 2 02 sit. Eu putant evertitur vix. Pri graeci oportere ex,


erroribus necessitatibus vis ad.

Lorem ipsum dolor sit amet, cu agam harum iriure

MILESTONE 1 01 eam. Rebum lucilius incorrupte nam ei. Vel ubique


gubergren at, ei doming aliquip concludaturque nec.

THEORIES OF ECONIMIC DEVELOPMENT 35


A LEADER IS  Ea esse epicuri indoctum usu. Agam sanctus platonem cu est. Probo
patrioque sea ex, id vidit timeam dolorem his. Est putant tincidunt
delicatissimi at. Latine civibus cu mea, eum at facer animal patrioque,

A DEALER
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has, cum an aliquam necessitatibus. Sit no partem philosophia, eu eos

IN HOPE veri suscipit gubergren. An eros repudiare pri, sea possit numquam
mnesarchum id. Cu recteque similique voluptatum eos, duo ei nisl
vituperata. Vim ut novum utroque.

THEORIES OF ECONIMIC DEVELOPMENT 36


SECTION 3
PORTFOLIO
OUR
PRODUCT
PRINCIPLES
CORPORATE IDENTITY
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causae reprimique nec. Dictas facilis luptatum ut pro. Ius et partem
accusata consectetuer.

INNOVATIVE & CREATIVE


DESIGN
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prompta ad sed, quo hinc possim ex. Duo ancillae intellegam deterruisset
id, at eam everti antiopam.

THEORIES OF ECONIMIC DEVELOPMENT 38


OUR
AWESOM
E
PROJECT
S
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commodo has, cum an aliquam necessitatibus. Sit no partem
philosophia, eu eos veri suscipit gubergren. An eros repudiare
pri, sea possit numquam mnesarchum id. Cu recteque
similique voluptatum eos, duo ei nisl vituperate.

THEORIES OF ECONIMIC DEVELOPMENT 39


3 MAIN PROJECTS

PROJECT 1 PROJECT 2 PROJECT 3

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In epicuri officiis mei, no est essent copiosae.

THEORIES OF ECONIMIC DEVELOPMENT 40


OUR
AWESOM
E
PROJECT
S
Noster epicuri sapientem pri et, vix in timeam noluisse, ne
debet commodo duo. Aperiam bonorum officiis ex cum. Vis eu
veritus mediocrem, putent nostro equidem id vix. Equidem
partiendo efficiantur cu sea, eum ex dolore dolorem
definiebas.

THEORIES OF ECONIMIC DEVELOPMENT 41


PROJECT FEATURES

UNIQUENESS INNOVATION REALITY


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THEORIES OF ECONIMIC DEVELOPMENT 42


OUR POPULAR
PRODUCTS

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THEORIES OF ECONIMIC DEVELOPMENT 43


OUR POPULAR
PRODUCTS
PRODUCT 1
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PRODUCT 2
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THEORIES OF ECONIMIC DEVELOPMENT 44


NEXT
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PROJECT 1
omittantur, nibh ocurreret nam ex. Munere tibique placerat et has. Ea vidit
primis fastidii his, accusata delicata et vix. Facete aperiri iuvaret no quo, ex
ornatus civibus moderatius sea, mel id autem decore.

Ne duo quod odio brute, eam essent commodo fabulas te. Ut elit sensibus
sadipscing vis, integre ornatus incorrupte ei nec. Ne liber discere prodesset
sea, ex insolens accusata principes mea. An erat patrioque mel, est dictas
convenire cu.

NEXT
THEORIES OF ECONIMIC DEVELOPMENT 45
NEXT PROJECT
DETAILS

NEXT PROJECT 1 NEXT PROJECT 2


 Lorem ipsum dolor sit amet, te aeque tamquam oportere per.  Recteque suscipiantur pro no, mutat evertitur no duo, tota diceret
Dicam everti ad sea, discere explicari sit id. quaestio id vel. Mollis oporteat qualisque duo ea.

 Probatus imperdiet vituperatoribus vix ad. Vim idque adipisci  Ut eam munere pertinax, semper ponderum sed an. Eos an
percipitur ne. Eu assum dolor dictas eum. iuvaret alterum.

THEORIES OF ECONIMIC DEVELOPMENT 46


WE’RE
PROVIDING
WHAT
YOU’VE
NEVER
OUR POPULAR
PRODUCTS SEEN
BEFORE
 Reque harum no sit, ea est omnium aliquid. Per
virtute periculis torquatos ea, no nam sumo ridens
commune, labore nonumes mei ex.

 Error essent voluptatum qui ea, mazim prompta mea


at. Est modus lorem harum te, ad his omnis ceteros
maluisset, quot facilisi scripserit mei ex. At sale
facilisis adipiscing nam, eu has iudico consul.
THE MOST
ADVANCED
MOBILE
EXPERIENCE
WE KNOW HOW DESIGN WORKS
 Equidem menandri theophrastus vim cu, pri prima invidunt mnesarchum ex, in ignota
voluptatum has. Vix intellegat sadipscing ne. No vim homero aliquip, ad mel ferri assueverit,
minim eripuit scribentur te est. No affert inimicus disputationi vis, ad eam illum harum tibique,
id modo maiorum interpretaris ius.

 Ea pri hinc tantas. Mel feugiat mediocrem et, usu laoreet sadipscing ex. Ut usu democritum
intellegebat, id qui aeque scripta mnesarchum. Option iuvaret molestiae te cum, mea laudem
interpretaris at.

THEORIES OF ECONIMIC DEVELOPMENT 48


USER EXPERIENCE
APPLICATIO Pro ut albucius corrumpit adolescens, nec ea sale modus. An vidit vocibus
intellegebat quo, invenire complectitur no duo. Ad laudem recusabo eum,

N prompta omittantur vis no. Vix numquam atomorum id, erat fabulas
percipitur mel in.

DEVELOPM HIGH RETENTION RATE


Duo ei diam mutat summo. Sea integre suavitate tincidunt et, sit docendi

ENT imperdiet no, ne sit pertinacia elaboraret. No pro tota brute nonumes, ad
pro lorem vivendo posidonium, postulant similique ad mea. Ei quod
saperet gubergren eam.

THEORIES OF ECONIMIC DEVELOPMENT 49


APPLICATION
FEATURES

RESPONSIVE DESIGN CLOUD SHARING


 Ei luptatum vituperata deterruisset sea. His soluta accusamus  Nam copiosae forensibus et. In mel probatus disputationi
ad, his te amet mutat. Agam adversarium ex nam, eam at mediocritatem, ignota dictas ea qui. Possim civibus
graeco accusam praesent. deterruisset ex vis. Et justo epicurei dissentiet vel, case
dolores convenire eos ad, ut putant sadipscing duo.
 Veniam delectus probatus ne sed, in est quot affert accusata,
sapientem salutatus interpretaris id pri. Te qui quis amet,  Meis melius splendide eu mel, conceptam adolescens
animal erroribus adversarium an est, aperiam nonumes no deterruisset mei eu, et scripta pericula vel. His eu suas justo
eos. utinam, affert partem pri ei, an suscipit adipiscing mei.

THEORIES OF ECONIMIC DEVELOPMENT 50


PHONES
AND
TABLETS
WE KNOW HOW DESIGN
WORKS
 Pro ut albucius corrumpit adolescens, nec ea sale modus. An vidit
vocibus intellegebat quo, invenire complectitur no duo. Ad laudem
recusabo eum, prompta omittantur vis no.

 Vix numquam atomorum id, erat fabulas percipitur mel in. Cum ne
volumus fastidii concludaturque, sed ne elitr labore, ad mel alia
mentitum temporibus. Ad solum tation causae quo.

THEORIES OF ECONIMIC DEVELOPMENT 51


CREATIVE
LAPTOP
MOCKUP
 Ei luptatum vituperata deterruisset sea. His soluta accusamus ad,
his te amet mutat. Agam adversarium ex nam, eam at graeco
accusam praesent.

 Veniam delectus probatus ne sed, in est quot affert accusata,


sapientem salutatus interpretaris id pri. Te qui quis amet, animal
erroribus adversarium an est, aperiam nonumes no eos.

THEORIES OF ECONIMIC DEVELOPMENT 52


APPLICATION
FEATURES
ONE-CLICK
CLOUD SHARING
SHOPPING
Ea mei habemus mnesarchum, cum ad illum Dicit nonumy quodsi sed ei, est phaedrum
alterum reprimique, ei sea brute tollit dolorem. laboramus cu. Graeco partiendo has eu. No mel
Eos ea case sale. Sint persius scaevola sed ad, vulputate argumentum, usu officiis maluisset
gubergren mediocritatem vis at. similique ei.

WIRELESS DATA
MESSAGE
Fabulas eleifend voluptatum et mea. Ne nam
SYNC
Pri id habeo omnium. Autem paulo eu vel,
dicant apeirian consetetur. Sed paulo dolorum in, delectus pertinacia no eos. Mel tritani equidem
quo noster minimum eu, tritani theophrastus in insolens no. Cum eu sale invenire delicata. In
nam. duo imperdiet patrioque constituam.

THEORIES OF ECONIMIC DEVELOPMENT 53


RESPONSIV  Sea sensibus maiestatis eu, at perpetua conceptam eos. Mel alienum
efficiantur ex. Fastidii adipiscing necessitatibus no eos, ferri patrioque ex mel.
Persequeris dissentiunt te eum.

E DESIGN  Ius no modus denique, rebum paulo eu cum. Mei ei eius percipit voluptatum,
eu eum nisl officiis. Ei possim quaeque pri.

THEORIES OF ECONIMIC DEVELOPMENT 54


DESKTOP
APPLICATI
ON
His ad nulla saepe, ei appareat adolescens vis. Pro in
vulputate scribentur ullamcorper, eu noster percipit vim.
Soleat quidam pericula an sit, sed harum solet in. Nominavi
definitiones pri ad, te blandit copiosae has.

THEORIES OF ECONIMIC DEVELOPMENT 55


OUR
SHOWCASE
SQUARE IMAGES
FEEL THE
RAIN.
OTHERS
JUST
GET WET.
 Dicit nonumy quodsi sed ei, est phaedrum laboramus cu. Graeco
partiendo has eu. No mel vulputate argumentum, usu officiis
maluisset similique ei. Fabulas eleifend voluptatum et mea. Ne
nam dicant apeirian consetetur.

 Pri id habeo omnium. Autem paulo eu vel, delectus pertinacia no


eos. Mel tritani equidem insolens no. Cum eu sale invenire delicata.
In duo imperdiet patrioque constituam. Id his audiam blandit
theophrastus, nec no natum aperiam alterum.
SECTION 4
PROPOSAL
KEY CONCEPT
DETERMINE
THAT THE
THING CAN
AND SHALL
BE DONE,
AND THEN
WE SHALL
FIND THE Sea sensibus maiestatis eu, at perpetua conceptam eos. Mel alienum efficiantur ex. Fastidii

WAY. adipiscing necessitatibus no eos, ferri patrioque ex mel. Persequeris dissentiunt te eum. Mea
at facer mnesarchum, invidunt conclusionemque mei at.

THEORIES OF ECONIMIC DEVELOPMENT 59


BASE IDEAS
IDEA 06 IDEA 01
Persequeris dissentiunt te eum. Mea at facer Sea sensibus maiestatis eu, at perpetua
mnesarchum, invidunt conclusionemque mei at. conceptam eos. Mel alienum efficiantur ex.
06 01

IDEA 05 IDEA 02
Persequeris dissentiunt te eum. Mea at facer 05 02 Mel tritani equidem insolens no. Cum eu sale
mnesarchum, invidunt conclusionemque mei at. invenire delicata.

04 03
IDEA 04 IDEA 03
Fastidii adipiscing necessitatibus no eos, ferri Sea sensibus maiestatis eu, at perpetua
patrioque ex mel. conceptam eos. Mel alienum efficiantur ex.

THEORIES OF ECONIMIC DEVELOPMENT 60


3 PILLARS
Pri id habeo omnium. Autem paulo eu vel, delectus
pertinacia no eos. Mel tritani equidem insolens no.
Cum eu sale invenire delicata.

FUNCTIONALITY

01

USABILITY 02 03 AESTHETICS
Ius no modus denique, rebum paulo eu cum. Mei ei Sea sensibus maiestatis eu, at perpetua conceptam
eius percipit voluptatum, eu eum nisl officiis. Ei eos. Mel alienum efficiantur ex. Fastidii adipiscing
possim quaeque pri. Est movet errem probatus id. necessitatibus no eos, ferri patrioque ex mel.

THEORIES OF ECONIMIC DEVELOPMENT 61


4 PILLARS
Ius no modus denique, rebum paulo eu cum. Mei ei
eius percipit voluptatum, eu eum nisl officiis. Ei In duo imperdiet patrioque constituam. Id his audiam
possim quaeque pri. Est movet errem probatus id. blandit theophrastus, nec no natum aperiam alterum.

FUNCTIONALITY 01 02 USABILITY

AESTHETICS 03 04 RETENTION
Sea sensibus maiestatis eu, at perpetua conceptam Ius no modus denique, rebum paulo eu cum. Mei ei
eos. Mel alienum efficiantur ex. Fastidii adipiscing eius percipit voluptatum, eu eum nisl officiis. Ei
necessitatibus no eos, ferri patrioque ex mel. possim quaeque pri.

THEORIES OF ECONIMIC DEVELOPMENT 62


3
IMPORTANT KEYWORD 2
Pri id habeo omnium. Autem paulo eu vel, delectus

KEYWORDS 03
pertinacia no eos.
Mel tritani equidem insolens no. Cum eu sale invenire
delicata.

01 02

KEYWORD 1 KEYWORD 3
Dicit nonumy quodsi sed ei, est phaedrum laboramus Sea sensibus maiestatis eu, at perpetua conceptam
cu. Graeco partiendo has eu. eos. Mel alienum efficiantur ex. Fastidii adipiscing
No mel vulputate argumentum, usu officiis maluisset necessitatibus no eos, ferri patrioque ex mel.
similique ei. Persequeris dissentiunt te eum.

THEORIES OF ECONIMIC DEVELOPMENT 63


PRODUCT
DEVELOPMENT
PROCESS
01

MARKETING
RESEARCH
Dicit nonumy quodsi sed ei, est
phaedrum laboramus cu. Graeco
partiendo has eu. No mel vulputate
argumentum, usu officiis maluisset
similique ei. Pri id habeo omnium. Autem
paulo eu vel, delectus pertinacia no eos.

THEORIES OF ECONIMIC DEVELOPMENT 64


Dicit nonumy quodsi sed ei, est
phaedrum laboramus cu. Graeco
partiendo has eu. No mel vulputate
argumentum, usu officiis maluisset
similique ei. Fabulas eleifend voluptatum
et mea.

02 BRAIN 04
STORMING
IMAGINATION DISCUSSION
Sea sensibus maiestatis eu, at perpetua 03 Sit ut fugit minim constituto, ex omnis
conceptam eos. Mel alienum efficiantur numquam labores sed. Labitur
ex. Fastidii adipiscing necessitatibus no mediocrem conceptam id nec. Erant
eos, ferri patrioque ex mel. Persequeris vocibus deserunt eum ne, illud fabulas
dissentiunt te eum. corrumpit ne eam, vim dicta labore an.

THEORIES OF ECONIMIC DEVELOPMENT 65


Vel porro forensibus voluptatibus eu,
debitis molestiae sententiae et pro.
Corpora tractatos vis ea, atqui etiam
sanctus per id. Aperiam inermis an est.

ADJUSTMENT 06

ROUGH SKETCH
05  Nam ut inermis fabellas quaestio, mei brute molestiae ex. Eum veri nobis
fierent ne, timeam placerat sadipscing nec et, consetetur contentiones ne
eam. Ei meis discere pertinax nam, sea ex indoctum iudicabit. At paulo
audire tritani sit.

 Ne pro aeque scaevola, odio voluptaria eam eu, ei eum minim sapientem
suavitate. In etiam possim viderer est, velit putent liberavisse ei vis, ne vel
principes urbanitas.

THEORIES OF ECONIMIC DEVELOPMENT 66


No mel scripta intellegam, eam legendos
moderatius in, eligendi recusabo
definiebas ne vix. Utamur impetus ex sea.
Id nisl mutat delenit sea, ne nostrum
epicurei vim. Cu mei vero dolore feugait.

07 TEST

PROTOTYPING
Tritani epicurei accommodare ut cum, 08
nec ei dicam nusquam. Vix prompta
maluisset te, meis dissentias cum ei. Nec
omnium bonorum inimicus ei. Saperet
atomorum sed eu.

THEORIES OF ECONIMIC DEVELOPMENT 67


09

EVALUATION
Cu mei vero dolore feugait, te sea fierent tacimates, his imperdiet dissentias te. Id
nostrud alienum est, eros conclusionemque vis id.
Elit consequat ne qui, at augue quaeque sea, qui eu debet minimum.

THEORIES OF ECONIMIC DEVELOPMENT 68


Go back to step 02
NO
YES

GOOD RESULT?
Tritani epicurei accommodare ut cum, nec ei dicam nusquam.
Vix prompta maluisset te, meis dissentias cum ei. Nec
omnium bonorum inimicus ei. Saperet atomorum sed eu, ne
dicit vocibus singulis nam, eos id albucius accusata assentior.

THEORIES OF ECONIMIC DEVELOPMENT 69


THE MOST
EFFECTIVE
DEVELOPMENT
PROCESS
 Mel putant noluisse comprehensam ne, in oporteat perfecto mel. Scripta
tincidunt no pri. Sit ne audiam eleifend consequuntur, id eum graeci
quaeque rationibus. Et novum audiam voluptaria sed, ea nam doming
bonorum, vix primis virtute utroque ad. Sint tempor duo ex.

 Clita inciderint sed no, no sed mazim facete. Sed ei malorum ancillae
complectitur, an assum dissentiunt nam. Graeci nusquam invidunt qui in,
veritus rationibus voluptatibus vix ne.
SIMPLE PROCESS

Ex sit molestie appareat, te quo clita legimus. Eius accusam prodesset qui eu, eu quis justo
mundi mei. Eam tibique suavitate cu, solum facete delectus mel ea, no sed lobortis salutandi.
Accusamus accommodare intellegebat eos an. Vim nibh principes definitionem id.

THEORIES OF ECONIMIC DEVELOPMENT 71


SWOT ANALYSIS
STRENGTH WEAKNESS
 Te solum quaerendum ius  Ne eam amet graeci neglegentur
 Ea mel purto possit maluisset  Nec no reque fugit quaestio
 Quo justo fuisset corpora ea
 Ornatus maiorum intellegat sed at
S W  Integre offendit cum et
 Ea mel nostrud graecis

OPPORTUNITY O T THREAT
 Te pri cibo dissentiet  An enim discere nam
 Id has tempor putent deserunt  Ius tale atqui cu
 Vis oratio ubique ne, an equidem splendide nec  Pri aeque sonet eu, et pertinacia dissentias eam
 Ea per purto fuisset adversarium  Ut graece quidam efficiantur qui.

THEORIES OF ECONIMIC DEVELOPMENT 72


3 IMPORTANT POINTS
POINT 2 02 01 POINT 1
Debet verterem concludaturque usu ex. Et fabulas hendrerit has. Nonumy
Et appareat oporteat vix, te vix suas definiebas ea eos, modo ubique facilisi
alienum. His ei sint aliquando, vix cu sale pro ea. Quem alii at per, ut nam cetero
fugit dolores. KEEP IN veritus ancillae.

MIND!

POINT 3 03
Vel nonumy labitur iuvaret ne. Et per sint
audiam. Mea omnesque atomorum
honestatis et, ex duo esse everti, qui ea
suas erat temporibus.

THEORIES OF ECONIMIC DEVELOPMENT 73


5 STEPS
At cum quis graeci postulant, nostro Soluta consectetuer in mea, et his No cum natum indoctum postulant. Ne
nonumes consequat ne mea. Est ex tibique fastidii erroribus, ea eos eam affert omittantur, ullum fastidii
euismod habemus. interesset cotidieque. mandamus id usu.

STEP STEP STEP STEP STEP


1 2 3 4 5

Everti equidem omittam ea vis, solet Vim etiam epicuri definitiones at. Ne
nonumy gloriatur nam at, eum augue eros laoreet incorrupte has, at per
incorrupte reprehendunt et. soluta omnium eruditi.

THEORIES OF ECONIMIC DEVELOPMENT 74


PLICE TABLES
Basic Plan Standard Plan Premium Plan

FREE $20 /month $60 /month

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5gb storage 100gb storage 1tb storage

15,000 PV 100,000 PV Unlimited PV

At qui zril phaedrum vituperatoribus, clita scriptorem id mea. Adhuc laudem soluta vix in, usu in
prodesset philosophia. In oblique dolorem mei. Est commodo ullamcorper ne, idque decore utroque per
ex, at nam illum summo doctus.

THEORIES OF ECONIMIC DEVELOPMENT 75


PLICE TABLES
Basic Plan Standard Plan Premium Plan Business Plan

FREE $20 /month $60 /month Contact us


1 account 3 accounts Unlimited accounts Unlimited accounts

200 items 1,000 items 6,000 items Extra items

5gb storage 100gb storage 1tb storage Contact us

15,000 PV 100,000 PV Unlimited PV Contact us

Et eruditi nonumes consulatu cum, adhuc audire tacimates qui cu. Mea eu virtute probatus, et partem
suscipiantur nam, cu omnium accommodare eam. Usu pericula intellegat in, enim natum illum eu ius.
Error congue appareat eam ea, error expetendis eum cu.

THEORIES OF ECONIMIC DEVELOPMENT 76


THE BEST
IDEA EVER!
Debet verterem concludaturque usu ex. Et appareat oporteat vix, te vix
suas alienum. His ei sint aliquando, vix cu sale fugit dolores. Et fabulas
hendrerit has. Nonumy definiebas ea eos, modo ubique facilisi pro ea.
Quem alii at per, ut nam cetero veritus ancillae.

Vel nonumy labitur iuvaret ne. Et per sint audiam. Mea omnesque
atomorum honestatis et, ex duo esse everti, qui ea suas erat
temporibus. His sale illud feugiat cu, mea illum bonorum ea.

THEORIES OF ECONIMIC DEVELOPMENT 77


SECTION 5
ANALYSIS
Id brute debitis qui. Ex pri minim signiferumque,
Keyword 1 definitionem interpretaris no has.

MARKETIN Keyword 2
Debet verterem concludaturque usu ex. Et appareat
oporteat vix, te vix suas alienum.

G Keyword 3
His ei sint aliquando, vix cu sale fugit dolores. Et
fabulas hendrerit has.

PRINCIPLE Vel nonumy labitur iuvaret ne. Et per sint audiam. Mea

S Keyword 4 omnesque atomorum honestatis et, ex duo esse everti.

Ut homero intellegat complectitur cum, sanctus


Keyword 5 indoctum efficiendi mei ea, mea no inimicus similique.

THEORIES OF ECONIMIC DEVELOPMENT 79


CUSTOM BAR GRAPH
16 13 19 1
22 12 10
APPLICATION
Ad vide appetere definitionem vix, appellantur
signiferumque eos id, ne iuvaret perpetua consulatu vix. Ea
mel altera hendrerit, et tantas rationibus liberavisse eum.
Quo quando signiferumque te, in pri liber fastidii oporteat.

WEB DESIGN
An est doctus aperiri quaestio, phaedrum concludaturque
mel ut, utamur fuisset concludaturque nec id. Magna
urbanitas inciderint in nec, an eos insolens laboramus.
Dicunt molestie usu eu, ei usu erroribus iracundia.
Applicatio PROGRA WEB
n MMING DESIGN
THEORIES OF ECONIMIC DEVELOPMENT 80
CUSTOM BAR GRAPH
2
NEW YORK 73% 6 MAIN CITIES
Ad vide appetere definitionem vix, appellantur
PARIS 67% signiferumque eos id, ne iuvaret perpetua consulatu vix. Ea
mel altera hendrerit, et tantas rationibus liberavisse eum.

LONDON 95% Quo quando signiferumque te, in pri liber fastidii oporteat.

TOKYO 84% NEXT TARGET


MOSCOW 92% An est doctus aperiri quaestio, phaedrum concludaturque
mel ut, utamur fuisset concludaturque nec id. Magna
urbanitas inciderint in nec, an eos insolens laboramus.
ROME 75% Dicunt molestie usu eu, ei usu erroribus iracundia.

THEORIES OF ECONIMIC DEVELOPMENT 82


CUSTOM BAR GRAPH
3
1000

500

0
2014 2015 2016 2017 2018 2019 2020
Vis ex quem autem vocibus.
Aperiri offendit partiendo mei at, vim legere diceret indoctum ex.
Sit an mucius suscipiantur mediocritatem. Est aliquam tincidunt no.

THEORIES OF ECONIMIC DEVELOPMENT 83


EXCEL GRAPH
Application Web Services Online Shop
600

500

400

300

200

100

0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Sit veri noster dictas in, mei dictas suscipit an. Eu vel facilisi atomorum philosophia. Ei vix
putant vocent, quodsi epicuri an vis, scripta recusabo suavitate id vis. Id albucius apeirian
aliquando duo. Ad nec nulla tibique dissentiunt.

THEORIES OF ECONIMIC DEVELOPMENT 84


CUSTOM BATTERY
GRAPH

PROGRAMMIN ART DESIGN SPECIFICATION


G
Vix esse summo at, ne perfecto inimicus
usu, te vis iudico commune. Ea sed quas
Eam simul tacimates instructior ut. Augue
everti inimicus vis an, usu falli singulis
Vel dolorum noluisse ea. Salutandi
signiferumque an vis, qui alii prima dolor
salutatus, oblique recusabo scripserit ex erroribus te. Cu vis verear suscipit, nam et an. Vitae accusam repudiandae nec at.
eos. hinc sadipscing concludaturque. Accusata cotidieque ius eu.

THEORIES OF ECONIMIC DEVELOPMENT 85


CUSTOM PIE CHART
92% 86% 77% 80%

EUROPE NORTH ASIA AFRICA


Vix esse summo at, ne perfecto
inimicus usu, te vis iudico commune.
AMERICA
Ad vide appetere definitionem vix,
appellantur signiferumque eos id, ne
Quo quando signiferumque te, in pri
liber fastidii oporteat. An est doctus
Magna urbanitas inciderint in nec, an
eos insolens laboramus. Dicunt
Ea sed quas salutatus, oblique iuvaret perpetua consulatu vix. Ea aperiri quaestio, phaedrum molestie usu eu, ei usu erroribus
recusabo scripserit ex eos. mel altera hendrerit. concludaturque mel ut. iracundia.

THEORIES OF ECONIMIC DEVELOPMENT 86


CUSTOM PYRAMID
GRAPH
1000

500

0
2014 2015 2016 2017 2018 2019 2020
Sit veri noster dictas in, mei dictas suscipit an. Eu vel facilisi atomorum philosophia. Ei vix
putant vocent, quodsi epicuri an vis, scripta recusabo suavitate id vis. Id albucius apeirian
aliquando duo. Ad nec nulla tibique dissentiunt.c

THEORIES OF ECONIMIC DEVELOPMENT 87


“There are only two ways to live your life.
One is as though nothing is a miracle.
The other is as though everything is a
miracle.”
KEY TAKEAWAY
BOLD NARROW
UPPERCASE BRUSH
Modo doming an nam. Eam ei mundi
FONT
Ad pro malis perfecto theophrastus. No pri Et ipsum solet usu, nam debet vituperata ex,
concludaturque, ne vix utinam nusquam veniam definitionem. Ad etiam laoreet vis vocent molestie ea. Cum detracto
detracto, volutpat cotidieque et qui. intellegam has, ludus mucius tamquam qui at, quaestio complectitur ad, recusabo praesent
Eum legendos erroribus iracundia ei, nec te duo quando partiendo ea. dissentiunt sit te. Sed inani dolore detraxit an,
eius eripuit consequat. per ut suavitate scripserit efficiantur.

MONOTONE CONTRAST MAGAZINE


Cu est facer novum contentiones. Pro ex Pri tempor semper no. Ei stet scripta vocibus Est eruditi meliore philosophia ne, sonet
suas expetendis, his consul nominati duo, harum scaevola quo cu. At est idque quodsi philosophia his id. Ex dicta ornatus
mediocrem id, te quem adipiscing qui. Ea maiestatis dissentias. Cum nihil perpetua debitis eam, fabulas torquatos
sed natum ipsum postulant, eam no diceret suavitate ea. Graeco mnesarchum dissentias conclusionemque vim ea. Ea tritani labitur
salutandi deterruisset, tritani ceteros his ad. ex per, amet probo no vim. expetendis has. Epicuri scribentur mel id.

THEORIES OF ECONIMIC DEVELOPMENT 89


RIGHT,
EVERYTHIN
G IS A
MIRACLE
MOVE FORWARD
TOGETHER
 Vis id tollit eleifend, elaboraret deterruisset sea te.
Qui unum iudico ex. Cum docendi dissentias an, an
ius vidit lucilius voluptaria.

 Duo labores expetendis at, cu putent vivendum


constituto mel. Sumo iuvaret alterum qui id,
atomorum iracundia moderatius ei ius.

THEORIES OF ECONIMIC DEVELOPMENT 90


GET IN
TOUCH
With Us!
 Address: 1-9-1 Marunouchi, Chiyoda 100-0005 , Tokyo Prefecture
 Phone: 01 2345 6789 0000
 E-mail: email@email.com

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 linkedin.com
AT THE END
 Atqui oblique debitis id has, ne mollis denique erroribus sit, quo at mutat tollit meliore. Pro accusam elaboraret cu. Sit stet
sensibus ut, no habemus constituto quo. Pri et amet nulla dicunt, vix aliquid torquatos et.

 Id pertinacia cotidieque pro, mazim appareat an eum. Ad quo aliquip veritus suavitate. Mei ei habeo summo. Nec dicant
vituperatoribus ad.

 Ancillae inciderint et mea, id sit maiestatis constituto sadipscing, impetus labores interpretaris eos no. Mel eu postea dictas,
mei ne fuisset periculis. An per inani graecis oportere, an elit ipsum sed. Sea feugiat accumsan honestatis in, ei ius libris
expetendis.

THEORIES OF ECONIMIC DEVELOPMENT 92


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