Sir Arthur Lewis

Who Is Sir Arthur Lewis?

Sir Arthur Lewis was a economist who made enduring contributions to the field of development economics. In 1979, Lewis was granted the Nobel Memorial Prize in Economic Sciences.

Grasping Sir Arthur Lewis

Lewis' career included numerous important milestones. As well as being the main Black person to win a Nobel Prize in a logical discipline, Lewis was likewise the principal Black student at the London School of Economics (LSE), the primary Black teacher at the LSE, the primary Black employee at the University of Manchester, and the principal Black person to turn into a full teacher at Princeton University, where he educated for quite some time.

Sir Arthur Lewis was brought into the world in 1915 on the Caribbean island nation of Saint Lucia. He showed exceptional intellectual capacities since early on, avoiding two full grades and moving on from his school at 14 years old. Presently, he won a grant that allowed him to study as an undergrad at the London School of Economics.

Lewis was the main Black student at the LSE at that point, and in spite of the biases that no question welcomed him there, he before long earned a reputation for scholarly greatness. As a matter of fact, Lewis' undergrad adviser portrayed Lewis as the most brilliant student he had at any point managed. Subsequent to acquiring his college degree in 1937, Lewis enrolled in the PhD program, which he completed in 1940. Following his graduation, he was employed as an employee at the LSE, where he worked until 1948.

In 1948, Lewis accepted a position as teacher at the University of Manchester, where he stayed until 1957. It was during this time that he developed the thoughts in development economics for which he would later win the Nobel Prize. The most renowned of these thoughts was his dual sector model, also called the "Lewis model."

The Lewis Model

Lewis set out the dual sector model in his 1954 publication, "Economic Development with Unlimited Supplies of Labor."

Lewis' model looks to give a structure to understanding how somewhat poor countries can grow economically. It starts by accepting that one of the qualities shared by poor countries is that their economies will generally comprise largely of "means sectors" in which the supply of labor is extremely large and the amount of capital invested per worker is exceptionally low.

Numerous economists have utilized the Lewis model as a system for making sense of the extraordinary economic development that China has accomplished in recent many years.

The Lewis model portrays a path by which a creating economy can foster the growth of a new "capitalist sector," which will utilize a developing share of the excess labor accessible from the means sector. Over the long haul, this capitalist sector can come to eclipse the means sector, making the overall economy develop.

Like every single economic hypothesis, the Lewis model depends on simple suspicions to put forward its viewpoint clear. Hence, this model won't ever be entirely applicable to reality. By the by, it has been widely lauded and utilized by economists intrigued by how creating economies can escape from poverty and produce wealth.

Features

• He was granted the Nobel Memorial Prize in Economics in 1979.
• His most popular work is the dual-sector model of developmental economics, which is otherwise called the "Lewis model."
• Sir Arthur Lewis was an economist popular for his work in development economics.