1. The Lewis Model of Development
Afterwards, the Lewis model was formalized and extended by John Fei and Gus Ranis in 1961 and the combination made up the Lewis Ranis and Fei (LRF) model. ... The third and final section of the paper will consist of shortcoming of the Lewis model. ... According to Lewis, the capitalist wage is approximately 30% more than subsistence earnings. ... Lewis, then, expands his theory beyond one country. ... Lewis claimed ca...
- Word Count: 4558
- Approx Pages: 18
- Has Bibliography
- Grade Level: Undergraduate