The balanced growth theory is an economic theory pioneered by the economist Ragnar Nurkse (1907–1959). The theory hypothesises that the government of any underdeveloped country needs to make large investments in a number of industries simultaneously. THE THEORY OF ECONOMIC GROWTH 71 capital and output will grow at a faster pace than the labor force until the equilibrium ratio is approached. If the initial ratio is above the equilibrium value, capital and output will grow more slowly than the labor force.

The author is a development economist at the Asian Institute for Economic Development and Planning, United Nations, Bangkok. This paper represents his personal views only.

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