What are the criticism of hirshman against balanced growth theory?

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2026-07-24 02:10

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Hirschman criticized the balanced growth theory for assuming that all sectors of an economy would develop at the same pace, neglecting the possibility of imbalances and structural changes. He argued that this theory did not account for the dynamic nature of economic development and the need for flexibility to adapt to changing circumstances. Hirschman also highlighted the importance of allowing for disequilibria and asymmetries in development strategies.

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