Economic growth and development are intertwined and can be assessed from two perspectives: the mainstream and the critical. In the mainstream approach, economic growth and development are concerned with the unfulfilled material needs of people. Countries need economic growth to ensure that generates enough resources to meet the needs of their population. According to this approach, development is linear: there is a specific "path" that countries can follow to achieve development. Of course, there are different stages that countries must reach and exceed before achieving economic growth and development. According to Rostow, the five development stages include the initial "traditional society," a "take off" phase and the final "high mass consumption" stage. Originally this approach implied that there was a possibility of unlimited economic growth and thus that all countries could achieve equal levels of development. Later, the focus of economic growth was transformed to sustainable economic growth.

Observers indicate that the cultural context is fundamental because it shapes the values, beliefs and attitudes that frame economic growth and development. Some go on to argue that development is "state of mind" and thus countries that fall behind need to reshape their values and attitudes in order to enter the path to economic growth and development.