pharagraph in unbalanced growth economic
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Unbalanced growth is a natural path of economic development. Situations that countries are in at any one point in time reflect their previous investment decisions and development. ... Once such an investment is made, a new imbalance is likely to appear, requiring further compensating investments.
Albert Hirschman: Unbalanced Growth Theory. One of the prominent figures of the European émigrés development theorists, Albert Hirschman is notable for the uniqueness of his intellectual approach.According to many critics, the method of unbalanced growth involves a considerable wastage of resources. Some sectors in the economy will grow at a faster rate while others remains neglected. To achieve the balanced growth, every sector should grow simultaneously and there should be no scope of wastage of resources.
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