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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.
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...
Arthur Lewis’ seminal 1954 paper and its emphasis on dualism appeared at a time when neither the work of Keynes or Harrod-Domar nor the later neoclassical production function of Solow seemed relevant for developing countries.
Jul 2, 2024 · Sir Arthur Lewis was an economist who made significant contributions to development economics and was awarded the Nobel Prize in Economics in 1979.
THE LEWIS MODEL AND DEVELOPMENT THEORY* by P. F. LEESON [Jniversily of Manchatey When, in Nay 1954, The Munchester School published “Economic Development with Unlimited Supplies of Labour” by Arthur Lewis, development econoniics was in its infancy. The twenty-five years of
It is usually claimed that Lewis’s simple model is based on classical school foundations, i.e. it contains two sectors, agriculture and non-agriculture, with different, i.e. asymmetric, behavior postulated for each. This basic heritage notion is generally accepted, but, if one looks more closely, one will also see substantial deviations.
During this period, he developed some of his most important concepts about the patterns of capital and wages in developing countries. He particularly became known for his contributions to development economics, of great interest as former colonies began to gain independence from their European colonizers. [13] [citation needed]
