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The theory is complicated by the fact that surplus labour is both generated by the introduction of new productivity enhancing technologies in the agricultural sector and the intensification of work. The wage differential between industry and agriculture needs to be sufficient to incentivise movement between the sectors and, whereas the model ...
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 .
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 ...
The self-concept is distinguishable from self-awareness, which is the extent to which self-knowledge is defined, consistent, and currently applicable to one's attitudes and dispositions. [4] Self-concept also differs from self-esteem: self-concept is a cognitive or descriptive component of one's self (e.g. "I am a fast runner"), while self ...
The Lewis turning point is a situation in economic development where surplus rural labor is fully absorbed into the manufacturing sector. This typically causes agricultural and unskilled industrial real wages to rise. The term is named after economist W. Arthur Lewis. Shortly after the Lewis point, an economy requires balanced growth policies. [1]
Schultz was awarded the Nobel Prize jointly with Sir William Arthur Lewis in 1979 for his work in development economics, focusing on the economics of agriculture. He analyzed the role of agriculture within the economy, and his work has had far reaching implications for industrialization policy, both in developing and developed nations.
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.
Self-expansion has also been presented theoretically within a framework of self-concept change. [42] That is, self-concept change can be thought of as occurring along two independent dimensions: valence (positive vs. negative content) and direction of change (increase vs. decrease in content) and self-expansion represents one of the four ...