Ragnar Nurkse, in his book "Problems of Capital Formation in Underdeveloped Countries" (1953), argued for the importance of balanced growth in stimulating economic development. He emphasized that an underdeveloped economy suffers from a "vicious circle of poverty," where low income leads to low savings, which in turn leads to low investment and ultimately low income. Balanced growth aims to break this cycle by investing simultaneously in a wide range of industries.
Ragnar Nurkse, an international economist, is associated with which of the following?
Asked in JE(Civil) RWD 2021 22 2021 · Topic: Nature of Indian Economy (Developing Economy Characteristics)
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