| |
| | Arthur Lewis’s Contribution to Development Thinking and Policy (Site not responding. Last check: 2007-10-31) |
 | | All this is quite in contrast to Lewis’ model, which, of course, also depicts a two-sector world, also built on physiocratic as well as classical antecedents but in which agriculture is now the dominant non-capitalist, or subsistence, sector, with only two factors at play, landlords and workers, and wages set in a bargaining context. |
 | | Lewis moreover rejected the neoclassical assumptions of full employment, market clearance and perfect competition, even as he saw it as a distant goal, along with Ken Arrow (1962). |
 | | Turning first to extensions, Lewis, as has already been mentioned, focused mainly on organizational dualism, on intersectoral labor markets explicitly and on intersectoral financial markets implicitly; he had relatively little to say about intersectoral commodity markets and the intersectoral terms of trade, which was left to Fei and Ranis (1964), among others, to explore. |
| www.rh.edu /~stodder/BE/Lewis_byRanis.htm (3721 words) |
|