ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tri-sector model
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Duel sector model
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Three sector model
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Two sector model
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Detailed explanation-1: -The Dual Sector model, or the Lewis model, is a model in Developmental economics that explains the growth of a developing economy in terms of a labour transition between two sectors, a traditional agricultural sector and a modern industrial sector.
Detailed explanation-2: -The Lewis model describes a path whereby a developing economy can foster the growth of a new “capitalist sector, ” which will employ a growing share of the excess labor available from the subsistence sector.
Detailed explanation-3: -The Lewis model is a model of STRUCTURAL CHANGE since it outlines the development from a traditional economy to an industrialized one.
Detailed explanation-4: -In development economics, the dual-sector model is commonly referred to as the Lewis model. It describes the development of an emerging economy in terms of a worker transition between two sectors: capitalist and subsistence.