Unbalanced Growth Theory by Albert Hirschman

In unbalanced growth theory, Hirschman argued that certain places are naturally endowed with natural resources whereas some places are resource scarce. Therefore, it is inevitable that the growth will take place at fewer places. Hence, he believed that the process of growth is intrinsically unbalanced unlike Gunnar Myrdal’s Theory. Similarity to Cumulative Causation Theory Hirschman’s … Read more