Explain the stage model (theory) of economic growth following W.W. Rostow. Why is Compound interest of central importance in the theory of Rostow

The stage model (theory) of W.W. Rostow:

1. Traditional Stage
2. Pre – conditions for Takeoff  production
3. Take off stage
4. Drive to maturity stage
5. Economy maturity stage (The stage of high mass consumption) (6) Development beyond high consumption (post – industrial stage)