The process of economic development has been usually seen as a transformation from the rural agricultural sector to the urban manufacturing sector in developing countries. ... Arthur Lewis in his work on 'Economic development with unlimited supplies of labor' (1954) analyzed the labor market dualism and the structural difference between the subsistence sector and capitalistic sector in developing economies. ... The model, which takes to account the context of developing countries, explains a dual economy model of economic development with an assumption that there exists surplus labo...

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• Approx Pages: 18
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• Grade Level: Undergraduate