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The theory is generally associated with Hirschman. He presented a complete theoretical formulation of the strategy. Underdeveloped countries display common characteristics: low levels of GNI per capita and slow GNI per capita growth, large income inequalities and widespread poverty, low levels of productivity, great dependence on agriculture, a backward industrial structure, a high proportion ...
In place of balanced growth, Hirschman proposes a theory of unbalanced growth, where "imbalances" and "pressure points" created by the growth process can be used to identify areas where policymakers can intervene. In addition, Hirschman introduces the notions of backward linkages---the demand created by a new industry for intermediate goods ...
Albert Otto Hirschman [1] (born Otto-Albert Hirschmann; April 7, 1915 – December 10, 2012) was a German economist and the author of several books on political economy and political ideology. His first major contribution was in the area of development economics. [2] Here he emphasized the need for unbalanced growth. He argued that ...
Hirschman believed that Nurkse's balanced growth theory wasn't in fact a theory of growth. [1] Growth implies the gradual transformation of an economy from one stage to the chronologically next stage. It entails the series of actions which leads the economy from a stage of infancy to that of maturity. [7]
In the standard exogenous growth model, balanced growth is a basic assumption, while other variables like the capital stock, real GDP, and output per worker are growing. Developing economies may adopt a strategy of unbalanced growth to rectify previous investment decisions, as put forward by economist Albert O. Hirschman.
"Increasing Returns and Long-Run Growth". Journal of Political Economy. 95 (5): 1002– 1037. doi: 10.1086/261420. JSTOR 1833190. S2CID 6818002. PN Rosenstein-Rodan, 1943: The Problems of Industrialisation of Eastern and South-Eastern Europe. The Economic Journal Vol.53; R Nelson, 1956: A Theory of the Low-Level Equilibrium Trap in ...
One popular theory: the Grimms' collection isn't a faithful rendering of the original women's stories. Unaware of their own masculine influence, they tweaked the tales — sometimes subtly, sometimes dramatically — transforming rich reflections of real women's experiences into the flat, silencing stories that inspired the patriarchal Disney ...
Fei–Ranis model of economic growth has been criticized on multiple grounds, although if the model is accepted, then it will have a significant theoretical and policy implications on the underdeveloped countries' efforts towards development and on the persisting controversial statements regarding the balanced vs. unbalanced growth debate.