TITLE

BALANCED AND UNBALANCED GROWTH

AUTHOR(S)
Sutcliffe, Robert B.
PUB. DATE
November 1964
SOURCE
Quarterly Journal of Economics;Nov64, Vol. 78 Issue 4, p621
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article focuses on differences between balanced and unbalanced growth in the theory of economic development. It is customary to preface a discussion of balanced and unbalanced growth with a semantic warning: that "balance" could mean almost anything. In any field of reference "balance" is a relative concept and there is in economics ample scope for disagreement as to which elements of the economic system should be in balance and in what sort of or how much balance they should be. So theories of balanced growth exist which bear little relation to each other. There is a constant danger that "balance" may be devalued to mean nothing more than successful and one must issue a similar warning about "unbalance." With several elements present and no concept of absolute balance, it is a simple matter to maintain on innumerable grounds that any given situation is either balanced or unbalanced. It is, therefore, essential to arm ourselves with sharper distinctions between the two doctrines than we have at present.
ACCESSION #
7695851

Tags: ECONOMIC development;  ECONOMIC activity;  ECONOMIC history;  ECONOMIC policy;  DOGMA;  DEVELOPMENT economics

 

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