Open AccessUnlimited Supply of Labour and the Concept of Balanced Growth
Author(s) -
John C. H. Fei,
Gustav Ranis
Publication year - 1961
Publication title -
pakistan development review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.154
H-Index - 26
ISSN - 0030-9729
DOI - 10.30541/v1i3pp.29-58
Subject(s) - production (economics) , agriculture , position (finance) , construct (python library) , variance (accounting) , government (linguistics) , economics , identification (biology) , dual (grammatical number) , key (lock) , point (geometry) , public economics , business , microeconomics , computer science , finance , art , ecology , linguistics , philosophy , botany , literature , accounting , computer security , programming language , biology , geometry , mathematics
It is the purpose of this paper to construct an economic modelwhich, we hope, will serve as a point of departure for the study ofcertain key policy issues in the long-run economic development of lessdeveloped countries like Pakistan. As we see it, the key issue ofdevelopmental policy centres about the question of balanced growth ofthe two main sectors: the industrial sector and the agricultural sector.The identification of this as the key issue is not at variance with thePakistan Government's official position which aims at a "substantialincrease in industrial production" over the next five years, while, atthe same time, attaching the "highest priority to increasingagricultural production".1 In view of this dual aim, a consistenttheore¬tical framework is needed to facilitate rational planning bypointing up the various facets of the balanced growthproblem.