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The metamorphosis of Lewis's dual economy model

Author

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  • Dipak Ghosh

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. JEL Classifications: B41, O10, O17, O29

Suggested Citation

  • Dipak Ghosh, 2007. "The metamorphosis of Lewis's dual economy model," Journal of Economic Methodology, Taylor & Francis Journals, vol. 14(1), pages 5-25.
    • Handle: RePEc:taf:jecmet:v:14:y:2007:i:1:p:5-25
    DOI: 10.1080/13501780601170032
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    References listed on IDEAS

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    1. Deane,Phyllis, 1978. "The Evolution of Economic Ideas," Cambridge Books, Cambridge University Press, number 9780521293150, November.
    2. Bagchi,Amiya Kumar, 1982. "The Political Economy of Underdevelopment," Cambridge Books, Cambridge University Press, number 9780521284042, November.
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    More about this item

    Keywords

    economic development; dual economy models; development methodology; marketable surplus; open system; closed system;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • O29 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Other

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