The demographic transition theory, introduced by Warren S. Thompson and popularized by Frank W. Notestein, describes the changes in birth and death rates associated with economic development, particularly in industrialized societies. It outlines four stages from high birth and death rates to stabilized populations, while also mentioning criticisms regarding its empirical focus, lack of predictive power, and applicability to developing nations. The theory is challenged for not accounting for technological advancements and does not define a clear timeline for transitions between stages.