Economists
Ragnar Nurkse
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Ragnar Nurkse was an Estonian-American economist and an early builder of development economics as a field distinct from the general equilibrium theory built around already-industrialized economies. His 1953 book Problems of Capital Formation in Underdeveloped Countries described the vicious circle of poverty, the argument that low income leaves too little surplus for saving and investment, which keeps productivity and income low and renews the cycle, and argued that breaking it required coordinated, balanced investment across many sectors at once rather than piecemeal improvement.
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Nurkse pioneered balanced growth theory and poverty-trap analysis (already credited to him on this atlas via the Poverty Trap concept) and is regarded as a founding figure of development economics alongside Lewis and Sen, both already tied to this school.
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1. Wikipedia
Wikimedia FoundationLead section / vicious circle of povertyQuote, Lead section / vicious circle of poverty
He introduced the concept of the vicious circle of poverty, arguing that poor nations lack sufficient capital and savings to invest in development.
1. Wikipedia
Wikimedia FoundationAssociated With School: Development Economics, Ragnar Nurkse, Lead sectionQuote, Associated With School: Development Economics, Ragnar Nurkse, Lead section
Nurkse is one of the founding fathers of Classical Development Economics. Together with Rosenstein-Rodan and Mandelbaum, he promoted a 'theory of the big push'.
Problems of Capital Formation in Underdeveloped Countries
Concepts Originated: Poverty Trap, Chapter on the vicious circle of poverty
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