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Foundations of Contemporary Economics: Albert Hirschman on Economic Development through Unbalanced Growth

Author

Listed:
  • Henrik Egbert
  • Teodor Sedlarski
  • Aleksandar B. Todorov

Abstract

Albert Hirschman (1915–2012) was an economist known for his influential interdisciplinary social science models. In the 1950s, he developed the theory of unbalanced growth, which changed development theory. Hirschman argued that partial effects induced by targeted investments can have positive economic impacts on the development of national economies. In another behavioural model – exit and voice, he explains how dissatisfied individuals can react and how these reactions may affect the quality of output provided in both private and public goods. Hirschman's ideas have been incorporated into many concepts in the social sciences.

Suggested Citation

  • Henrik Egbert & Teodor Sedlarski & Aleksandar B. Todorov, 2025. "Foundations of Contemporary Economics: Albert Hirschman on Economic Development through Unbalanced Growth," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 301-319.
    • Handle: RePEc:bas:econth:y:2025:i:3:p:301-319
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    More about this item

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • P11 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Planning, Coordination, and Reform

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