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.
insights Ranking position
Ragnar Nurkse ranks #234 of 253 in the Economist ranking, behind Hans Singer, ahead of Eldar Shafir.
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