Lewis Model of Structural Change
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 a subsistence agricultural economy with…
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 a subsistence agricultural economy with…
Ragnar Nurkse introduced the concept of the vicious circle of poverty. Many other economists have further developed it. It attempts to shed light on the reasons behind the underdevelopment of…
Over the past decades, the definition and understanding of the term ‘development’ have dramatically changed. The three core values of development by Denis Goulet represent that change in how we…
Nelson's low-level equilibrium trap model attempts to explain the reasons or factors that make it difficult for underdeveloped economies to raise their standard of living. It considers the role and…