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The metamorphosis of Lewis's dual economy model

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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

    as
    1. Deane,Phyllis, 1978. "The Evolution of Economic Ideas," Cambridge Books, Cambridge University Press, number 9780521293150, September.
    2. Bagchi,Amiya Kumar, 1982. "The Political Economy of Underdevelopment," Cambridge Books, Cambridge University Press, number 9780521284042, September.
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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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