An eminent development economist, Arthur Lewis, put forward his model of "Economic Development with Unlimited Supplies of Labour'' which envisages the capital accumulation in the modern industrial sector so as to draw labour from the subsistence agricultural sector. Lewis model has been somewhat modified and extended by Fei and Ranis but the essence of the two models is the same. [...]
In this article we will discuss about:- 1. Introduction to Wage-Goods Model 2. Components of Wage Goods Model 3. Disguised Unemployment and Wage-Goods Model 4. Wage Goods Strategy Further Developed and Modified 5. Arguments. Professors Vakil and Brahmananda adapted and modified classical theory of growth of income and employment in the context of today's developing countries characterised by disguised unemployment. [...]
In this article we will discuss about:- 1. Introduction to Wage-Goods Model 2. Components of Wage Goods Model 3. Disguised Unemployment and Wage-Goods Model 4. Wage Goods Strategy Further Developed and Modified 5. Arguments 6. Critical Evaluation. Professors Vakil and Brahmananda adapted and modified classical theory of growth of income and employment in the context of today's developing countries characterised [...]