Can you suggest the best possible ways to effectively balance teaching and research so as to make life easy and interesting for lecturers/instructors/professors and students?
Teaching and research can be balance by planning the two activities effectively. Allocating equal resources and time. Universities in developing countries focus more on teaching than research.
Paul: My experience is that it depends on what type of university employs you. A Research university will require you to do about 80% to 85% research and only 15% to 20% teaching. However, a Teaching university will require 80% to 85% Teaching and only 15% to 20% research. So, it may depend on which university hires you.
I personally prefer Teaching over research. But others prefer to conduct Research over teaching. I think you have to find the balance that fits your personal preference and values.