Simon Kuznets observed a relationship between inequality and development which came to be known as Kuznets' Inverted-U hypothesis. He postulated that inequality in income distribution will rise during the early…
Similar to the Lewis Model, the structural change theory by Fei and Ranis attempts to explain the transition of underdeveloped agricultural economies with surplus labour into industrialised economies. The Fei…
Nobel Laureate Arthur Lewis introduced a model of structural change in the 1950s. The Lewis Model of Structural Change focussed on the structural transformation of subsistence agricultural economy with surplus…
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