1019:
1039:
1164:
1329:. Hirschman also stated that during conditions of slack activity in developed countries, the stock of resources, machines and entrepreneurs are merely unemployed, and are present as idle capacity. So in this situation, simultaneous investment in a large number of sectors is a well-suited policy. The various economic agents are temporarily unemployed and once the inducement to invest starts operating, the slump will be overcome. However, for an underdeveloped economy, where such resources are absent, this principle doesn't fit.
42:
1358:
and at any given moment, an imbalance already exists. So the logical step would be to take on those investment programmes which complement the existing imbalance in the economy. Clearly, such an investment cannot be a balanced one. If an economy makes the mistake of setting out to make a balanced investment, a new imbalance is likely to appear which will require still another "balancing investment" to bring equilibrium, and so on and so forth.
869:
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endowed with efficient producers, effective markets and a high purchasing power. The point Nurkse was trying to make was that USA was rich in resource endowment as well as labour force. The labour force had merely migrated from
Britain to USA, and thus their level of skills were advanced to begin with. This situation of outward led growth was therefore unique and not replicable by underdeveloped countries.
1125:
abolish customs duties altogether. The logic was that once customs duties are removed, transport costs will fall. Consequently, prices will fall and thus the demand will rise. However, Nurkse, as an export pessimist, did not agree with this view. Export pessimism is a trade theory which is governed by the idea of "inward looking growth" as opposed to "outward looking growth". (See
1284:
the development of the country in question. However, most economists who favoured the balanced growth hypothesis believed that only the state has the capacity to take on the kind of heavy investments the theory propagates. Further, the gestation period of such lumpy investments is usually long and private sector entrepreneurs do not normally undertake such high risks.
935:
developed country, its market size will expand and thus it can eventually become a developed economy. Apart from this, Nurkse has been nicknamed an export pessimist, as he feels that the finances to make investments in underdeveloped countries must arise from their own domestic territory. No importance should be given to promoting exports.
1341:
fraction of it is saved for future consumption. Thus, according to Nurkse's critics, his assumption of Say's Law being operational in underdeveloped countries needs greater justification. Even if the section of savers is few, the tenet of putting emphasis on supply rather than demand has been widely criticised.
1160:. An increase in productivity (defined as the output per unit input) increases the flow of goods and services in the economy. As a response, consumption also rises. Hence, underdeveloped economies should aim to raise their productivity levels in all sectors of the economy, in particular agriculture and industry.
1357:
Hans Singer suggested that Nurkse's theory makes dubious assumptions about the underdeveloped economy. For example, Nurkse assumes that the economy starts with nothing at hand. However, an economy usually starts at a position which reflects the previous investment decisions undertaken in the country,
1232:
was a strategy used in the past - the 19th century - and its success was limited to the case of the United States of
America. In reality, the so-called "new countries" of the United States of America (which separated from the British empire) were high income countries to begin with. They were already
1184:
seeds, pesticides, fertilisers, tractors etc. The positive outcome of this is that farmers earn more income and have a higher purchasing power (real income). Their demand for other products in the economy will rise and this will provide industrialists an incentive to invest in that country. Thus, the
1175:
used to carry out agricultural activities is backward. There is a low degree of mechanisation coupled with rain dependence. So while a large proportion of the population (70-80%) may be actively employed in the agriculture sector, the contribution to the Gross
Domestic Product may be as low as 40%.
1137:
Often, it is true that a company's private endeavour to increase the demand for its products succeeds due to the extensive use of advertisement and other sales promotion technique. However, Nurkse argues that such activities cannot succeed at the macro level to increase a country's aggregate demand
1124:
remains small. To address this problem, the United
Nations produced a report in 1951 with solutions for underdeveloped countries. They suggested that they can expand their markets by forming customs unions with neighbouring countries. Also, they can adopt the system of preferential taxation or even
1094:
Nurkse also refuted the claim that if a country's geographical area is large, the size of its market also ought to be large. A country may be extremely small in area but still have a large effective demand. For example, Japan. In contrast, a country may cover a huge geographical area but its market
1085:
Nurkse argued against the notion that a large population implies a large market. Though underdeveloped countries have a large population, their levels of productivity are low. This results in low levels of per capita real income. Thus, consumption expenditure is low, and savings are either very low
1361:
Hirschman believed that Nurkse's balanced growth theory wasn't in fact a theory of growth. 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.
1344:
Nurkse states that if demand for the output of one sector rises, due to the complementary nature of demand, the demand for the output of other industries will also experience a rise. Paul
Rosenstein-Rodan spoke of a similar concept called "indivisibility of demand" which hypothesises that if large
1283:
promote development does not concern economists. It is an administrative problem. The crucial idea was that a large amount of well dispersed investment should be made in the economy, so that the market size expands and leads to higher productivity levels, increasing returns to scale and eventually
1353:
too, which are in competition with each other. Thus if the state pumps in large investments into the car industry, for example, it will naturally lead to a rise in the demand for petrol. But if the state makes large scale investments in the coffee sector of a country, the tea sector will suffer.
989:
The size of the market determines the incentive to invest irrespective of the nature of the economy. This is because entrepreneurs invariably take their production decisions by taking into consideration the demand for the concerned product. For example, if an automobile manufacturer is trying to
923:
Nurkse was in favour of attaining balanced growth in both the industrial and agricultural sectors of the economy. He recognised that the expansion and inter-sectoral balance between agriculture and manufacturing is necessary so that each of these sectors provides a market for the products of the
1256:
Thus, for a large-scale development to be feasible, the requisite capital must be generated from within the country itself, and not through export surplus or foreign investment. Only then can productivity increase and lead to increasing returns to scale and eventually create virtuous circles of
1236:
In fact, if such a strategy of financing development from outside the home country is undertaken, it creates a number of problems. For example, the foreign investors may carelessly misuse the resources of the underdeveloped country. This would in turn limit that economy's ability to diversify,
1340:
or glut in the economy. Supply (production of goods and services) creates a matching demand for the output and this results in the entire output being sold and consumed. However, Keynes stated that Say's Law is not operational in any country because people do not spend their entire income - a
934:
Nurkse's theory discusses how the poor size of the market in underdeveloped countries perpetuates its underdeveloped state. Nurkse has also clarified the various determinants of the market size and puts primary focus on productivity. According to him, if the productivity levels rise in a less
1311:, maybe not natural resources, but resources such as skilled labour and technology. Thus, to hypothesise that an underdeveloped nation can undertake large scale investment in many industries of its economy simultaneously is unrealistic due to the paucity of resources. To quote Hirschman,
1237:
especially if natural resources were plundered. This may also create a distorted social structure. Apart from this, there is also a risk that the foreign investments may be used to finance private luxury consumption. People would try to imitate
Western consumption habits and thus a
920:(1907–1959). The theory hypothesises that the government of any underdeveloped country needs to make large investments in a number of industries simultaneously. This will enlarge the market size, increase productivity, and provide an incentive for the private sector to invest.
1345:
investments are made in a large number of industries simultaneously, an underdeveloped economy can become developed due to the phenomenon of complementary demand. However, both Nurkse and
Rosenstein-Rodan only took into consideration the situation of industries that produce
1202:' through excessive savings. Production creates its own demand, and the size of the market depends on the volume of production. In the last analysis, the market can be enlarged only through all-round increase in productivity. Capacity to buy means capacity to produce."
1013:"The limited size of the domestic market in a low income country can thus constitute an obstacle to the application of capital by any individual firm or industry working for the market. In this sense the small domestic market is an obstacle to development generally."
1086:
or completely absent. On the other hand, developed countries have smaller populations than underdeveloped countries but by virtue of high levels of productivity, their per capita real incomes are higher and thus they create a large market for goods and services.
1192:
of markets operates in underdeveloped countries. Thus, if the money incomes of the people rise while the price level in the economy stays the same, the size of the market will still not expand till the real income and productivity levels rise. To quote Nurkse,
1119:
are major obstacles to promoting international cooperation in exporting and importing. More specifically, due to high transport costs between nations, producers do not have an incentive to export their commodities. As a result, the amount of
1362:
However, the balanced growth theory involves the creation of a brand new, self-sufficient modern industrial economy being laid over a stagnant, self-sufficient traditional economy. Thus, there is no transformation. In reality, a
1244:
Another reason exports cannot be promoted is because in all likelihood, an underdeveloped country may only be skilled enough to promote the export of primary goods, say agricultural goods. However, since such commodities face
1249:, the extent to which they will sell in the market is limited. Although when population is at a rise, additional demand for exports may be created, Nurkse implicitly assumed that developed countries are operating at the
1227:
However, Nurkse clarified that the finance for this development must arise to as large an extent as possible from the underdeveloped country itself i.e. domestically. He stated that financing through increased trade or
1366:
will come into existence, where two separate economic sectors will begin to coexist in one country. They will differ on levels of development, technology and demand patterns. This may create inequality in the country.
990:
decide which countries to set up plants in, he will naturally only invest in those countries where the demand is high. He would prefer to invest in a developed country, where though the population is lesser than in
1216:. Thus, a large scale investment programme in a wide array of industries simultaneously is the answer. The increase in demand for one industry will lead to an increase in demand for another industry due to
1479:
2020:
2051:
1797:
1943:
1391:
2013:
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as a means of attracting buyers for their products. Although this may lead to a rise in demand for that entrepreneur's good or service, it does not actually raise the
1725:"Measures for the Economic Development of Underdeveloped Countries, Report by a Group of Experts appointed by the Secretary-General of the United Nations". May 1951.
2071:
1949:. Conference on "Ragnar Nurkse (1907–2007): Classical Development Economics and Its Relevance for Today" ,Tallinn, 31 August – 1 September 2007. Archived from
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may still be small. This may occur if a large part of the country is uninhabitable, or if the country suffers from low productivity levels and thus has a low
2006:
1969:
1485:
970:
of the people is low, although in monetary terms it may be high. If the money income were low, the problem could easily be overcome by expanding the
2066:
1212:
Citing the limited size of the market as the main impediment in economic growth, Nurkse reasons that an increase in productivity can create a
943:
The size of a market assumes primary importance in the study of what induces investment in a country. Ragnar Nurkse referenced the work of
899:
831:
1801:
1018:
1950:
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due to low productivity levels. Thus, merely increasing the supply of money will not expand the market but will in fact cause
1653:
1579:
1428:
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1844:
1316:"If a country were ready to apply the doctrine of balanced growth, then it would not be underdeveloped in the first place."
1031:
According to Nurkse, expanding the size of the market is crucial to increasing the inducement to invest. Only then can the
947:
to assert that inducement to invest is limited by the size of the market. The original idea behind this was put forward by
1107:
The notion that transport costs and trade barriers hinder the expansion of the market is age-old. Nurkse emphasised that
1213:
1163:
1914:"Positional Goods, Conspicuous Consumption and the International Demonstration Effect Reconsidered by Jefferey James"
1773:
1709:
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1515:
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1932:
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in the economy. The demand merely shifts from one provider to another. Clearly, this is not a long-term solution.
2107:
892:
2102:
974:; however, since the meaning in this context is real income, expanding the supply of money will only generate
2061:
1386:
1297:
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of population growth. For Nurkse, then, exports as a means of economic development are completely ruled out.
931:
were the pioneers of balanced growth theory and much of how it is understood today dates back to their work.
230:
1880:
492:
2112:
1381:
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Ragnar Nurkse's balanced growth theory too has been criticised on a number of grounds. His main critic was
1116:
1998:
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for commodities is low. Apart from encompassing consumer goods and services, this includes the demand for
1933:"Ragnar Nurkse's Rule-Based Approach to International Monetary Relations: Complementarities with Chicago"
841:
61:
51:
1307:
Hirschman stressed the fact that underdeveloped economies are called underdeveloped because they face a
978:
pressure. Neither real output nor real investment will rise. A low purchasing power means that domestic
2117:
1325:
downswing. Cyclical downswing is a feature of an advanced stage of sustained growth rather than of the
1238:
1035:
be broken. He mentioned the following pertinent points about how the size of the market is determined:
885:
835:
365:
355:
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other and in turn, supplies the necessary raw materials for the development and growth of the other.
245:
1829:
1743:
1321:
Hans Singer asserted that the balanced growth theory is more applicable to cure an economy facing a
2097:
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991:
814:
552:
507:
360:
129:
73:
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114:
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56:
8:
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983:
798:
607:
429:
370:
295:
285:
255:
182:
90:
1891:
467:
1881:"Some reflections on Nurkse's Patterns of Trade and Development by Deardorff and Stern"
1271:
952:
826:
782:
587:
424:
419:
399:
350:
290:
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225:
220:
192:
187:
157:
25:
1991:
1903:"The Doctrine of Market Failure and Early Development Theory by Jeannette C. Mitchell"
2041:
1769:
1705:
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1545:
1511:
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1424:
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size of the market expands and improves the condition of the underdeveloped country.
717:
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340:
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162:
124:
80:
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shouldn't be applied to underdeveloped countries because they don't face a lack of
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335:
305:
300:
1980:
1167:
The process of how increased productivity leads to economic development and growth
647:
1350:
1096:
1022:
The process of economic development as per Ragnar Nurkse's
Balanced Growth Theory
913:
861:
772:
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409:
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152:
147:
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414:
104:
100:
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41:
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975:
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873:
787:
732:
627:
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537:
85:
1892:"TDESA Working Paper No. 53-Industrial Policy and Growth by Helen Shapiro"
955:(as against inducement to invest) is limited by the extent of the market.
1902:
1677:
998:
762:
752:
542:
177:
1917:
948:
672:
472:
1180:. This can be done if the government provides irrigation facilities,
967:
522:
453:
33:
1916:. World Development, Vol. 15, No. 4, pp. 49–462,1987. Archived from
1699:
1687:
Working Papers in
Technology Governance and Economic Dynamics No. 21
1680:"The Relevance of Ragnar Nurkse and Classical Development Economics"
1679:
1241:
may develop, along with economic inequality within the population.
1800:. Yale University Press (New Haven, London): 53–4. Archived from
1448:(3, illustrated ed.). Oxford University Press. p. 430.
1938:. University of Auckland and the Australian National University.
1484:. New York: Oxford University Press. p. 163. Archived from
1446:
Development economics: from the poverty to the wealth of nations
1108:
979:
856:
1176:
This points to the need to increase output per unit input and
1505:
1418:
1768:. New Delhi: Cambridge University Press India. p. 304.
1766:
1678:
Rainer Kattel; Jan A. Kregel; Eric S. Reinert (March 2009).
994:, the people are prosperous and there is a definite demand.
958:
According to Nurkse, underdeveloped countries lack adequate
1443:
938:
1646:
Economics Of Development And Planning—Theory And Practice
1544:. University of Michigan: Sarap & Sons. p. 820.
1506:
Hollis Chenery; T.N. Srinivasan, eds. (15 October 1988).
1481:
Problems of Capital Formation in Underdeveloped Countries
1852:. Ludwig Von Mises Institute. p. 27. Archived from
1702:
Money and Growth: Selected Papers of Allyn Abbott Young
1643:
1269:, a debate about whether a country should introduce
1102:
1171:For example, in most underdeveloped economies, the
1279:emerged. Nurkse believed that the subject of who
1026:
2089:
1423:(3rd Revised ed.). Routledge. p. 640.
1419:James M. Cypher; James L. Dietz (17 July 2008).
1198:"In underdeveloped areas there is generally no '
997:Private entrepreneurs sometimes resort to heavy
1704:. London and New York: Routledge. p. 464.
1700:Perry G. Mehrling; Roger J. Sandilands (1999).
1304:also criticised certain aspects of the theory.
1069:do. Their problem is to do with a lack of real
2014:
1158:primary determinant of the size of the market
893:
1648:(12th ed.). Himalaya Publishing House.
1332:Another contention was Nurkse's approval of
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2007:
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1629:
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1625:
1623:
1621:
1619:
1617:
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1613:
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900:
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1992:"Development Economics: Previous Studies"
1886:. University of Michigan, 27 August 2007.
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1609:
1607:
1605:
1603:
1601:
1599:
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1593:
1591:
1508:Handbook of Development Economics, Vol. 1
1975:. Bremen University of Applied Sciences.
1846:Say's Law: Were (Are) The Critics Right?
1836:
1574:. Oxford University Press. p. 847.
1565:
1563:
1561:
1499:
1162:
1037:
1017:
2057:Ragnar Nurkse's balanced growth theory
2032: : Partial Theories of Development
1842:
1414:
1412:
1410:
1408:
1406:
939:Size of market and inducement to invest
2090:
1782:
1763:
1750:
1662:
1588:
1477:
1473:
1471:
1469:
1467:
1465:
1444:YĹ«jirĹŤ Hayami; Yoshihisa GĹŤdo (2005).
2002:
1558:
1127:Import substitution industrialization
1970:"Ragnar Nurkse's Development Theory"
1944:"The life and time of Ragnar Nurkse"
1693:
1539:
1535:
1533:
1531:
1529:
1527:
1403:
1156:Nurkse stressed productivity as the
1089:
1569:
1462:
1437:
1421:The Process of Economic Development
1336:, which theorises that there is no
1207:
13:
2077:Fei–Ranis model of economic growth
1798:"Strategy of Economic Development"
1132:
14:
2129:
1873:
1524:
1103:Transport cost and trade barriers
912:The balanced growth theory is an
1981:"Dr.Robert E. Looney's Homepage"
1644:S. K. Misra; V. K. Puri (2010).
1260:
867:
855:
40:
1718:
1145:
1046:
142:Concepts, theory and techniques
2052:Critical minimum effort theory
1908:. History of Economics Review.
1897:. Economic and Social Affairs.
1510:. North Holland. p. 882.
1188:Nurkse is of the opinion that
1042:Determinants of size of market
1027:Determinants of size of market
1:
2062:Strategy of unbalanced growth
1796:Hirschman, Albert O. (1969).
1397:
1387:Strategy of unbalanced growth
1298:strategy of unbalanced growth
1275:to develop itself or rely on
1222:supply creates its own demand
1080:
1287:
1117:non-tariff barriers to trade
7:
1370:
1111:duties, exchange controls,
916:pioneered by the economist
10:
2134:
1392:Low level equilibrium trap
1239:balance of payments crisis
1218:complementarity of demands
1149:
1050:
2037:
1382:Rostow's stages of growth
1214:virtuous circle of growth
1138:level. He calls this the
1033:VICIOUS CIRCLE OF POVERTY
1008:Ragnar Nurkse concluded,
1542:Development and Planning
1327:vicious cycle of poverty
992:underdeveloped countries
130:JEL classification codes
1764:Gulati, Ambika (2006).
1478:Nurkse, Ragnar (1961).
1220:. As Say's Law states,
1140:"macroeconomic paradox"
1057:Nurkse emphasised that
316:Industrial organization
173:Computational economics
2108:Macroeconomic theories
1986:. Dr.Robert E. Looney.
1843:L. Anderson, William.
1824:Cite journal requires
1738:Cite journal requires
1319:
1205:
1168:
1043:
1023:
1016:
168:Experimental economics
2103:Development economics
2072:Technological dualism
2030:Development Economics
1572:Development Economics
1313:
1296:, the pioneer of the
1277:private entrepreneurs
1195:
1182:high-yielding variety
1166:
1075:inflationary pressure
1041:
1021:
1010:
929:Paul Rosenstein-Rodan
1570:Ray, Debraj (2009).
1122:capital accumulation
964:Low purchasing power
395:Social choice theory
2113:Development studies
1540:Gaur, K.D. (1995).
1347:complementary goods
1294:Albert O. Hirschman
1230:foreign investments
1067:developed countries
862:Business portal
183:Operations research
163:National accounting
1272:financial planning
1169:
1044:
1024:
953:division of labour
951:, who stated that
193:Industrial complex
188:Middle income trap
2118:Economic theories
2085:
2084:
2042:Dual-sector model
1655:978-81-8488-829-4
1581:978-0-19-564900-0
1430:978-0-415-77104-7
1309:lack of resources
1090:Geographical area
910:
909:
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2016:
2009:
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1459:
1441:
1435:
1434:
1416:
1351:substitute goods
1251:replacement rate
1247:inelastic demand
1208:Export pessimism
1200:deflationary gap
1071:purchasing power
1065:in the way that
1063:effective demand
1059:Keynesian theory
1003:aggregate demand
960:purchasing power
902:
895:
888:
874:Money portal
872:
871:
870:
860:
859:
356:Natural resource
148:Economic systems
44:
21:
20:
2133:
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2128:
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2098:Economic growth
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1990:
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927:Nurkse and
668:von Neumann
321:Information
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241:Development
236:Demographic
178:Game theory
120:Methodology
2092:Categories
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1863:2011-12-12
1808:2017-09-10
1492:2017-09-10
1398:References
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110:Mainstream
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588:Pigou
558:Clark
473:Smith
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105:Macro
101:Micro
62:Index
1962:2011
1830:help
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