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
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: Suggested Citation