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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.
In 1965 Chenery became a professor of economics at Harvard. His 1966 article with Alan Strout, "Foreign assistance and economic development", [2] provided a macro-economic theory of development aid's effectiveness which remained, for the following 20 years or more, the most explicit model available. [3]
In economics, structural change is a shift or change in the basic ways a market or economy functions or operates. [1]Such change can be caused by such factors as economic development, global shifts in capital and labor, changes in resource availability due to war or natural disaster or discovery or depletion of natural resources, or a change in political system.
Lewis model may refer to: William Arthur Lewis's model of economic development i.e. the dual-sector model; Richard D. Lewis's Lewis Model of Cross-Cultural Communication; Lewis acids and bases, a model proposed by Gilbert N. Lewis; John Lewis Partnership, a British public limited company owned by a trust on behalf of its employees
Reports last week suggested the company is considering ending its 100% staff-owned structure. It would be ‘a tragedy’ if John Lewis ownership model changes, says former boss Skip to main content
UBS sees a handful of stock sectors posed to gain going into 2025. The bank says tech will continue to see outsize growth, while financials will benefit from Trump's agenda.
The Fei–Ranis model of economic growth is a dualism model in developmental economics or welfare economics that has been developed by John C. H. Fei and Gustav Ranis and can be understood as an extension of the Lewis model. It is also known as the Surplus Labor model. [1]
In this model Lewis explained how the traditional stagnant rural sector is gradually replaced by a growing modern and dynamic manufacturing and service economy. [7] Because of the focus on the need for investments in capital, the Linear Stages of Growth Models are sometimes referred to as suffering from ‘capital fundamentalism’. [8]