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The Dual Sector model, or the Lewis model, is a model in developmental economics that explains the growth of a developing economy in terms of a labour transition between two sectors, the subsistence or traditional agricultural sector and the capitalist or modern industrial sector.
Depiction of Phase1, Phase2 and Phase3 of the dual economy model using average output. One of the biggest drawbacks of the Lewis model was the undermining of the role of agriculture in boosting the growth of the industrial sector.
Location of Texas. Texas is a state in the South Central region of the United States. The region's second-quarter 2018 gross state product was 8.6% of the GDP of the country at $1.755 trillion, with significant growth in mining, quarrying, and oil and gas extraction. [1]
A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand. The concept was originally created by Julius Herman Boeke to describe the coexistence of modern and traditional economic sectors in a colonial economy.
Texas counties by GDP in 2021 (chained 2012 US$) The economy of the State of Texas is the second largest by GDP in the United States after that of California. It has a gross state product of $2.694 trillion as of 2023. [7] In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total. [8]
Texas was once again a leading state on the annual Forbes Fortune 500 list in 2023. The Lone Star State was so well represented that it made up more than 10% of the list as it boasted 14 companies ...
Cow–calf operations are widespread throughout the United States. A 1997 census found that this sector of the U.S. beef market produced over $40.5 billion. [5] As of 2007 there were more than 765,000 cow–calf operators in the country, mostly concentrated in the Western and Southeastern U.S. states. [9]
The Texas Department of Agriculture (TDA) is a state agency within the state of Texas, which is responsible for matters pertaining to agriculture, rural community affairs, and related matters. It is currently headed by Agriculture Commissioner Sid Miller, a Republican, who was reelected to a 3rd term in 2022. [21]