ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand.

Detailed explanation-2: -A salient feature of developing economies is the coexistence of a modern commercial sector alongside a traditional subsistence sector-the dual economy.

Detailed explanation-3: -A mixed economy or a dual economy is the type of economy where both the public and private sectors coexist. Ans. India is one of the best examples of economies that have adopted a mixed or dual economy for their development. Apart from India, USA and UK are also following this structure.

Detailed explanation-4: -’Dual economy’ models, in which agriculture is economically distinct from the nonagricultural sector, can accommodate both views, depending on how they treat mobility of labor and capital between the sectors, and the processes of technical change and investment in each.

Detailed explanation-5: -The theory of dualism assumes a bifurcation of economic and social structures of different sectors so that they can be differentiated in terms of organization, level of development, and goal structure. Usually the concept of economic dualism distinguishes between two sectors of economy.