What are the main theories and models of economic development, and how do they explain variations in growth, inequality, and prosperity among countries?

Economic development theories include classical, neoclassical, Keynesian, structuralist, and institutionalist perspectives, each emphasizing different factors such as capital accumulation, technological innovation, industrialization, trade, and governance. Models such as the Solow growth model, Harrod-Domar model, and Lewis model analyze factors influencing economic growth, structural transformation, income distribution, and poverty reduction in developing and emerging economies.