4.1 Balance Growth Balanced growth is a dynamic process and as such the meaning of balanced growth continues changing. The concept of balanced growth is subject to various interpretations by various authors. It was Fredrick List who for the first time put forward the theory of balanced growth. According to Fredrick List, the theory of balanced growth is of great significance by which a balance could be established between agriculture, industry and trade. This the concept was endorsed by Rosenstein Rodan in one of his articles titled “Problems of Industrialisation of Eastern and South-Eastern Europe.” Prof. Nurkse, Prof. Lewis and Stavisky have examined this concept of balance of growth on different bases. In the words of Kindle Berger, “Balanced Growth has so many meanings that it is in danger of losing them all.” Definitions: 1. P.A Samuelson, “Balanced Growth implies growth in every kind of capital stock constant rates.” 2. U.N Publication, “Balanced Growth refers to f...
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