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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.
Sir William Arthur Lewis (23 January 1915 – 15 June 1991) was a Saint Lucian economist and the James Madison Professor of Political Economy at Princeton University. [2] Lewis was known for his contributions in the field of economic development. In 1979, he was awarded the Nobel Memorial Prize in Economic Sciences.
Sir Arthur Lewis used the concept of a dualistic economy as the basis of his labour supply theory of rural-urban migration. Lewis distinguished between a rural low-income subsistence sector with surplus population, and an expanding urban capitalist sector (see Dual-sector model). The urban economy absorbed labor from rural areas (holding down ...
Human development theory is a theory which uses ideas from different origins, such as ecology, sustainable development, feminism and welfare economics. It wants to avoid normative politics and is focused on how social capital and instructional capital can be deployed to optimize the overall value of human capital in an economy.
Michael Lewis (born January 10, 1937, in Brooklyn, New York) is University Distinguished Professor of Pediatrics and Psychiatry, and director of the Institute for the Study of Child Development at Rutgers Robert Wood Johnson Medical School. He is also professor of psychology, education, and biomedical engineering and serves on the Executive ...
Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether ...
In chapter three, Lewis considers various views that he calls "ersatz modal realism." These views are attempts to develop a theory that provides the explanatory power Lewis notes in chapter one without modal realism's ontological commitment to an infinitude of concrete possible worlds. Lewis argues that all of these attempts fail but that each ...
Developmentalism is an economic theory which states that the best way for less developed economies to develop is through fostering a strong and varied internal market and imposing high tariffs on imported goods.