"Balance" takes in a LOT of various attributes and factors. If we're talking about "balance" in the sense of how a knife handles/feels, there is no better way to achieve it than to create knives using distal tapers. Just about any knife, regardless of the length, will be lighter, faster, better feeling, and overall stronger than a similar blade where distal tapers were not used. I personally believe that when properly applied, distal tapers in a knife are the foundation for a finished piece that exhibits "balance".
"Balance" also entails just about every other aspect of constructing a knife.....blade to handle ratios, choice of handle material(s), choice of fitting type(s)/Materials, grinds and the geometry they produce, and the list goes on an on.
The trick with all of this is understanding, and then bring together those elements that result in a well "balanced" knife. In many cases its not something that can be listed out, or quantified into a "one size fits all" type answer. In order to achieve "balance" different aspects will have to be considered on different types of knives...about the only constant that I can point to is the distal tapers....if done correctly for the given knife, it is difficult for the finished knife to not feel or look "balanced". That doesn't mean that using distal tapers alone will ensure "balance"....only that the foundation has been established. Beyond that the maker must consider carefully ALL the other characteristics they impart to the knife. Generally time and experience are the best teachers. Once a maker builds a few knives that come out "balanced" they will quickly discover that anything less is unacceptable to them.