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2014 | 7 | nr 15 | 111--127
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A few critical and updating remarks on the Arthur Lewis theory of development with unlimited supplies of labour

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The aim of this paper is twofold. Firstly, we show Lewis's groundbreaking concept of 1954. Secondly, we contribute relevant elements to the criticism of this concept and which are significant for contemporary Development Economics, which has not formulated a unique paradigm of pulling developing economies out of the poverty trap so far. Updating remarks on Lewis's theory are focused on the following problems: population dynamics and economic growth; accumulation and depreciation of physical capital; the null consumption of capitalists; human capital accumulation, savings, growth and development; and the number of market contributors and their influence on the price mark-up. Critical and updating remarks concerning the Lewis model presented in this paper do not undermine the general conclusions, supplementing them, and incorporating this model into the contemporary exogenous growth theory. (original abstract)
Opis fizyczny
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