Arthur Lewis and the Classical Foundations of Development Economics

Research in the History of Economic Thought and Methodology, vol. 37, 2019

57 Pages Posted: 16 Mar 2018

Date Written: March 13, 2018

Abstract

The present essay provides a detailed investigation of how Lewis revisited classical and Marxian concepts such as productive/unproductive labor, economic surplus, subsistence wages, reserve army and capital accumulation in his influential investigation of economic development. The Lewis 1954 development model is compared to other models advanced at the time by Harrod, Domar, Swan, Kaldor, Solow, von Neumann, Nurkse, Rosenstein-Rodan, Myint and others. Lewis applied the notion of economic duality to open and closed economies, with different historical concerns and results.

Keywords: Lewis, classical economics, Marx, dual economies, economic development

JEL Classification: B12, B29, B31

Suggested Citation

Boianovsky, Mauro, Arthur Lewis and the Classical Foundations of Development Economics (March 13, 2018). Research in the History of Economic Thought and Methodology, vol. 37, 2019, Available at SSRN: https://ssrn.com/abstract=3139918

Mauro Boianovsky (Contact Author)

Universidade de Brasilia ( email )

Brasilia, DF 70910-900
Brazil

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