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Maslow's hierarchy of human psychological needs provides that a human being first and foremost is concerned with satisfying his or her basic physical needs, such as warmth, food, and shelter. According to Maslow, only after a human being's physical needs have been met will he or she even perceive the need to develop social ties with other human beings. Next, after his or her physical and social needs have been met, Maslow posited that a human being will perceive the need to acquire self-esteem or professional success in his or her society. Finally, Maslow argued, once all of the above-described needs have been met, a human being then perceives the need to express his or her "true inner self" or "self-actualize."
Development economics maintains that each nation follows a very similar series of economic stages. These stages are (1) an agricultural economy (where people provide value by working with their physical bodies); an industrial economy (where people provide value by working with others in a factory or office where they make products or provide services and where capital machinery often enhances their manual labor; and a post-industrial or information economy (where media companies are the new "captains of industry" and a high percentage of people are employed in some type of information, media, or cultural industry).
1. Was not representative of the global economy then and isn't representative of it now; 2. assumes every country has a "natural" economic advantage when most do not; 3. no country is gonna produce only one good or service on the international marketplace.
Some writers have criticized Ricardo's theory on the ground that it was based on a very simple economic model, utilizing only two countries and two products and hence it wasn't even representative of the global economy in the 1800s, when he first proposed his theory, let alone the global economy of today. In addition, other writers have emphasized that his theory assumes that every country has "natural" economic advantages, when in fact many, if not most, countries create their own economic advantages. Yet other commentators have pointed out that Ricardo's theory is unrealistic because no country is ever going to produce only one good or offer only one service in the international marketplace, as Ricardo proposed. In any case, today one could argue that Ricardo's theory of comparative advantage doesn't accurately reflect international trade patterns, because he assumed that factors of production would not cross national borders when they do today and he didn't take into account either development economics in general or the effect of intellectual property rights on economic development in particular.
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