School of Economics | Balanced Growth Theory (With Diagram)
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The balanced growth theory can be explained with the views of: (a) Rosenstein Rodan and (b) Ragnar Nurkse and (c) Lewis (A) Views of Rosenstein Rodan: In 1943 article, Rosenstein Rodan propounded this theory but without using the term balanced growth. He stated that the Social Marginal Product (SMP) of...