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Unlimited Supply of Labour and the Concept of Balanced Growth
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Unlimited Supply of Labour and the Concept of Balanced Growth
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Journal Article
Unlimited Supply of Labour and the Concept of Balanced Growth
2022
Overview
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
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