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In this article we will discuss about the Lewis model of economic development. A number of economists attempted to analyse development in the context of a ‘labour-surplus economy’. These theories owe their origin to the celebrated work of Nobel Laureate Sir W. Arthur Lewis in 1954.
6 mar 2023 · What is the Lewis Model of Structural Economic Growth and Development? Arthur Lewis put forward a development model of a dualistic economy, consisting of rural agricultural and urban manufacturing sectors. Initially, the majority of labour is employed upon the land, which is a fixed resource.
the Lewis model. Instead, this paper focuses on some key aspects of Lewis’s vision of the development process: the dual economy, subsistence wages, patterns of unemployment and underemployment, labor market imperfections, savings, the mechanisms of development, and turning points in the growth process. In this
The Lewis model has remained, for more than half a century, one of the dominant theories of development economics. This paper argues that the power of the model lies in the simplicity of its central insight: that poor countries contain enclaves of economic activity just as rich countries contain enclaves of poverty; and that a proximate ...
This analysis updates the dual-economy model of economic development suggested by W. Arthur Lewis in 1954. The updated aggregate model incorporates advances since then in modern labor economics and the findings of empirical studies of LDC economies and it removes Lewis’ implicit assumption that capital-formation is costless to the host LDC country.
W. Arthur Lewis' best-known contribution to development economics was his path-breaking work on the transfer of labour from a traditional to a modern capitalist sector in conditions of unlimited...
Abstract: This analysis updates the dual-economy model of economic development suggested by W. Arthur Lewis in 1954. The updated aggregate model incorporates advances since then in modern labor economics and the findings of empirical studies of LDC economies and it removes Lewis’ implicit assumption that capital-formation is costless to the ...
