The metamorphosis of Lewis's dual economy model

Dipak Ghosh ()

Journal of Economic Methodology, 2007, vol. 14, issue 1, pages 5-25

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

Keywords: economic development; dual economy models; development methodology; marketable surplus; open system; closed system (search for similar items in EconPapers)
Date: 2007

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