Contribution To Economics
Rostow developed the Rostovian take-off model of economic growth, one of the major historical models of economic growth. The model argues that economic modernization occurs in five basic stages of varying length—traditional society, preconditions for take-off, take-off, drive to maturity, and high mass consumption. This became one of the important concepts in the theory of modernization in social evolutionism. He received the Order of the British Empire (1945), the Legion of Merit (1945), and the Presidential Medal of Freedom (1969).
Read more about this topic: Walt Whitman Rostow
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—F. Scott Fitzgerald (1896–1940)
“Sometimes I think that idlers seem to be a special class for whom nothing can be planned, plead as one will with them—their only contribution to the human family is to warm a seat at the common table.”
—F. Scott Fitzgerald (1896–1940)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)