The metamorphosis of Lewis's dual economy model

Citation

Ghosh D (2007) The metamorphosis of Lewis's dual economy model. Journal of Economic Methodology, 14 (1), pp. 5-25. https://doi.org/10.1080/13501780601170032

Abstract
Abstract This 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.

Keywords
Economic development; Dual economy models; Develo[pment methiodology; marketable surplus; Open system; Closed system

Journal
Journal of Economic Methodology: Volume 14, Issue 1

• Lewis-JEM-07.pdf