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Abstract
Regional promoters and planners face the problem of how to achieve economic development. One possible way is to develop many sectors of the regional economy at the same time, and the other possible way is to develop a sector or few sectors of the economy which, in turn, stimulates other sectors of the economy. These different approaches, “the balanced growth” and “the unbalanced growth”, are the basis for a well known controversy in the field of economic development. The purpose of this paper is twofold: one is to survey the methodologies for identification of key sectors and the other is to present and analyze the results of identifying key sectors for the North Central Texas Region.
Highlights
Regional promoters and planners face the problem of how to achieve economic development
Nurkse is one of the advocates of the balanced growth theory. ^ Accord ing to Nurkse, investment in a single sectorwill not spur economic develop ment and investment should be made in many sectors to be successfulineconomic development
Hirschman, who is a critic of the bal anced growth theory, advocates the theory of unbalanced growth, He states: development has proceeded inthis way with grow th communicated from the leading sectors of the economy to the followers, from one industry to another, from one firm to another
Summary
Regional promoters and planners face the problem of how to achieve economic development. Hirschman, who is a critic of the bal anced growth theory, advocates the theory of unbalanced growth, He states: development has proceeded inthis way with grow th communicated from the leading sectors of the economy to the followers, from one industry to another, from one firm to another. The advantage of this kind of seesaw advance over "balanced growth," where every activity expands perfectly in step with every other, is that it leaves considerable scope to induce investment de cisions and economizes our principle scarce resource, genuine decision-making.^
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