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Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: The metamorphosis of Lewis's dual economy model
Author(s): Ghosh, Dipak
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Keywords: Economic development
Dual economy models
Develo[pment methiodology
marketable surplus
Open system
Closed system
Issue Date: Mar-2007
Date Deposited: 5-Dec-2008
Citation: Ghosh D (2007) The metamorphosis of Lewis's dual economy model. Journal of Economic Methodology, 14 (1), pp. 5-25.
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.
DOI Link: 10.1080/13501780601170032
Rights: Published in Journal of Economic Methodology by Taylor & Francis.

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