Models of Economic Development are frameworks that help explain how economies grow and evolve over time. These models, such as the Rostow's Stages of Economic Growth and the Harrod-Domar Model, outline different stages or factors that contribute to economic progress. They provide insights into how countries can transition from low-income to high-income status by focusing on investment, industrialization, and technological advancement. Each model emphasizes various elements, such as the role of capital accumulation, human capital, and government policy. By understanding these models, policymakers can design strategies to promote sustainable growth and improve living standards in their countries.