Economics · Economic Growth and Development Theories

Consider the following statements regarding the Balanced Growth Theory: 1. It advocates simultaneous and proportionate investment across all economic sectors to prevent bottlenecks and ensure mutually reinforcing demand. 2. Its economic logic applies 'Say's Law' to development, where the simultaneous expansion of sectors creates mutual demand for each other's output. 3. Albert Hirschman is considered a key proponent of this theory due to his advocacy for coordinated large-scale investments. 4. The strategy necessitates a moderate resource requirement, making its implementation highly practical for capital-scarce Less Developed Countries (LDCs). Choose the correct statements from the options given below: