The metamorphosis of Lewis's dual economy model
AbstractThis paper argues that Arthur Lewis originally presented the problem of economic development in terms of an open system, in the sense that it focused on a number of possible pitfalls and socio-economic constraints in the process of capital accumulation and industrialization in a labour-surplus economy. In the hands of the neoclassical economists, who were predominantly interested in achieving deterministic equilibrium results by introducing strict assumptions, the theoretical system later became closed - something Lewis never intended. JEL Classifications: B41, O10, O17, O29
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Journal of Economic Methodology.
Volume (Year): 14 (2007)
Issue (Month): 1 ()
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Find related papers by JEL classification:
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
- O29 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Other
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