description Ragnar Nurkse Overview
Ragnar Nurkse (1907–1959) was an Estonian-American economist who taught at Columbia University and is regarded as a significant figure in mid-20th-century development economics. He introduced the concept of the "vicious circle of poverty," arguing that low income leads to low savings, which limits capital formation, which in turn keeps productivity and income low. He advocated balanced growth—a simultaneous, coordinated expansion across multiple sectors—as a strategy to overcome demand constraints in underdeveloped economies. His work influenced subsequent debates on foreign aid, capital accumulation, and industrialization policy.
help Ragnar Nurkse FAQ
What economic concept was Ragnar Nurkse famous for introducing?
Ragnar Nurkse was a mid-20th-century economist who famously introduced the concept of the "vicious circle of poverty." He argued that low national income leads to low savings, which stunts capital investment and perpetuates economic underdevelopment.
Where did economist Ragnar Nurkse teach?
Ragnar Nurkse was an Estonian-American economist who taught at Columbia University in New York. He worked there as a highly significant figure in mid-20th-century development economics until his untimely death in 1959.
What is Ragnar Nurkse's vicious circle of poverty theory?
Nurkse's vicious circle of poverty theory argues that developing nations are trapped because low income leads directly to low savings. This lack of savings prevents the necessary capital investment required to increase national productivity and break the cycle.
When did Ragnar Nurkse live and work?
Ragnar Nurkse lived from 1907 to 1959, establishing himself as a prominent Estonian-American economist. His work at Columbia University heavily influenced mid-20th-century theories regarding international development and global economics.
explore Explore More
Reviews & Comments
Write a Review
Be the first to review
Share your thoughts with the community and help others make better decisions.
