This unique work treats economic growth and development in terms of a theory which is applicable to an economy in the post-industrial, developing, and emerging stages. The author uses the theory to analyze and study the growth of an economy through these three stages of development within the framework of the business cycle in disequilibrium. This work has taken on special importance in light of the changing world situation, including the changes in the former Soviet Union, the peace process in the Middle East, and renewed concern for developing and emerging countries.