NOBLE PRIZE WINNERS

8/15/2019 NOBLE PRIZE WINNERS

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PRACTICUM-1

ECONOMISTS WHO GOT NOBLE PRIZE

Gunnar Myrdal

c. 1937

Born6 December 1898

Gustafson, Dalarna, Sweden

Did17 May 1987 (aged 88

Danderyd, Sweden

Na!ionali!y Sweden

"ild# !conom"cs, #ol"t"cs, Soc"ologyIn#!i!u!ion# Stoc$%olm &n"'ers"ty

Al$a $a!r Stoc$%olm &n"'ers"ty

Do%!oral ad&i#or Gusta' assel

'arl Gunnar Myrdal (6 December 1898 ) 17 May 1987 was a Swed"s%

*obel laureate econom"st, soc"olog"st, and +ol"t"c"an. n 197-, %e

rece"'ed t%e *obel Memor"al #r"e "n !conom"c Sc"ences w"t% /r"edr"c%

0aye$ for t%e"r +"oneer"ng wor$ "n t%e t%eory of money and econom"c

fluctuat"ons and for t%e"r +enetrat"ng analys"s of t%e "nterde+endence of

http://en.wikipedia.org/wiki/Dalarnahttp://en.wikipedia.org/wiki/Dalarnahttp://en.wikipedia.org/wiki/Swedenhttp://en.wikipedia.org/wiki/Danderyd_Municipalityhttp://en.wikipedia.org/wiki/Swedenhttp://en.wikipedia.org/wiki/Swedenhttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Politicshttp://en.wikipedia.org/wiki/Sociologyhttp://en.wikipedia.org/wiki/Stockholm_Universityhttp://en.wikipedia.org/wiki/Alma_materhttp://en.wikipedia.org/wiki/Stockholm_Universityhttp://en.wikipedia.org/wiki/Doctoral_advisorhttp://en.wikipedia.org/wiki/Gustav_Casselhttp://en.wikipedia.org/wiki/Swedenhttp://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Scienceshttp://en.wikipedia.org/wiki/Friedrich_Hayekhttp://en.wikipedia.org/wiki/Friedrich_Hayekhttp://en.wikipedia.org/wiki/Swedenhttp://en.wikipedia.org/wiki/Danderyd_Municipalityhttp://en.wikipedia.org/wiki/Swedenhttp://en.wikipedia.org/wiki/Swedenhttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Politicshttp://en.wikipedia.org/wiki/Sociologyhttp://en.wikipedia.org/wiki/Stockholm_Universityhttp://en.wikipedia.org/wiki/Alma_materhttp://en.wikipedia.org/wiki/Stockholm_Universityhttp://en.wikipedia.org/wiki/Doctoral_advisorhttp://en.wikipedia.org/wiki/Gustav_Casselhttp://en.wikipedia.org/wiki/Swedenhttp://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Scienceshttp://en.wikipedia.org/wiki/Friedrich_Hayekhttp://en.wikipedia.org/wiki/Friedrich_Hayekhttp://en.wikipedia.org/wiki/Dalarna


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econom"c, soc"al and "nst"tut"onal +%enomena.24 0e "s best $nown "n

t%e &n"ted States for %"s study of race relat"ons, w%"c%

culm"nated "n %"s boo$ An American Dilemma: The Negro

Problem and Modern Democracy. 5%e study was "nfluent"al "nt%e 19- landmar$ &.S. Su+reme ourt Dec"s"on Brown v.

Board of Education.

Edu%a!ion and arly %arr

Gunnar Myrdal graduated w"t% a law degree from Stoc$%olm &n"'ers"ty

"n 193 and a doctorate "n econom"cs "n 197. n 1919, %e met l'a

e"mer , w%om %e marr"ed "n 19-.2-4

n Gunnar Myrdals doctoral d"ssertat"on, +ubl"s%ed "n 197, %e

e:am"ned t%e role of e:+ectat"ons "n +r"ce format"on. 0"s analys"s

strongly "nfluenced t%e Stoc$%olm sc%ool. 0e bu"lt on ;nut


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de'elo+ed by %"m and art"culated "n %"s boo$ Monetary Economic,

+ubl"s%ed "n 193, four years +r"or to ;eynes !eneral Theory of

Employment" #nteret and Money.234

arberCs comment u+on MyrdalCs wor$ on monetary t%eorygoes l"$e t%"s

Ef %"s contr"but"on %ad been a'a"lable to readers of !ngl"s% before 1936,

"t "s "nterest"ng to s+eculate w%et%er t%e Fre'olut"onC "n macroeconom"c

t%eory of t%e de+ress"on decade would be referred to as FMyrdal"anC as

muc% as F;eynes"anC 264

!conom"st G. @. S. S%ac$le cla"med t%e "m+ortance of Gunnar Myrdal=s

analys"s by w%"c% sa'"ng and "n'estment are allowed to adBust e: ante toeac% ot%er. 0owe'er, t%e reference to e: ante and e: +ost analys"s %as

become so usual "n modern macroeconom"cs t%at t%e +os"t"on of ;eynes

to not "nclude "t "n %"s wor$ was currently cons"dered as an odd"ty, "f not

a m"sta$e. s S%ac$le +ut "t

Myrdal"an e: ante language would %a'e sa'ed t%e General 5%eory from

descr"b"ng t%e flow of "n'estment and t%e flow of sa'"ng as "dent"cally,

tautolog"cally eHual, and w"t%"n t%e same d"scourse, treat"ng t%e"reHual"ty as a cond"t"on w%"c% may, or not, be fulf"lled.274

Gunnar Myrdal also de'elo+ed t%e $ey conce+t "rcular umulat"'e

ausat"on, a mult"Icausal a++roac% w%ere t%e core 'ar"ables and t%e"r

l"n$ages are del"neated.

Carr

Gunnar Myrdal became +rofessor at t%e Stoc$%olm Sc%ool of!conom"cs 1933.284 t t%e Stoc$%olm Sc%ool of !conom"cs %e became

good fr"ends w"t% >ert"l J%l"n, +rofessor "n econom"cs at t%e same

un"'ers"ty 199I196. 5%e two became t%e lead"ng +ro+onents of t%e

Stoc$%olm sc%ool. Myrdal was +rofessor of econom"cs at Stoc$%olm

Sc%ool of !conom"cs for 1 years, unt"l 19-7.284

0e became a Soc"al Democrat"c Member of #arl"ament from 1933 and

from 19- to 19-7 %e ser'ed as 5rade M"n"ster "n 5age !rlander s

go'ernment. Dur"ng t%"s +er"od %e was %ea'"ly cr"t"c"sed for %"s

http://en.wikipedia.org/wiki/General_Theory_of_Employment,_Interest_and_Moneyhttp://en.wikipedia.org/wiki/General_Theory_of_Employment,_Interest_and_Moneyhttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-obituary2-3http://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-6http://en.wikipedia.org/wiki/G._L._S._Shacklehttp://en.wikipedia.org/wiki/Ex_antehttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-7http://en.wikipedia.org/wiki/Circular_Cumulative_Causationhttp://en.wikipedia.org/wiki/Circular_Cumulative_Causationhttp://en.wikipedia.org/wiki/Stockholm_School_of_Economicshttp://en.wikipedia.org/wiki/Stockholm_School_of_Economicshttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-ne.se-8http://en.wikipedia.org/wiki/Bertil_Ohlinhttp://en.wikipedia.org/wiki/Stockholm_schoolhttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-ne.se-8http://en.wikipedia.org/wiki/Swedish_Social_Democratic_Partyhttp://en.wikipedia.org/wiki/Tage_Erlanderhttp://en.wikipedia.org/wiki/General_Theory_of_Employment,_Interest_and_Moneyhttp://en.wikipedia.org/wiki/General_Theory_of_Employment,_Interest_and_Moneyhttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-obituary2-3http://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-6http://en.wikipedia.org/wiki/G._L._S._Shacklehttp://en.wikipedia.org/wiki/Ex_antehttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-7http://en.wikipedia.org/wiki/Circular_Cumulative_Causationhttp://en.wikipedia.org/wiki/Circular_Cumulative_Causationhttp://en.wikipedia.org/wiki/Stockholm_School_of_Economicshttp://en.wikipedia.org/wiki/Stockholm_School_of_Economicshttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-ne.se-8http://en.wikipedia.org/wiki/Bertil_Ohlinhttp://en.wikipedia.org/wiki/Stockholm_schoolhttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-ne.se-8http://en.wikipedia.org/wiki/Swedish_Social_Democratic_Partyhttp://en.wikipedia.org/wiki/Tage_Erlander


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f"nanc"al agreement w"t% t%e So'"et &n"on. t t%e same t"me %e was

accused of be"ng res+ons"ble for t%e Swed"s% monetary cr"s"s "n 19-7.294

0e coaut%ored w"t% %"s w"fe, l'a Myrdal, t%e $rii in the Population

%uetion (Swed"s% &ri i befol'ningfr(gan, 193-. 5%e wor$ ofGunnar and l'a "ns+"red +ol"c"es ado+ted by t%e M"n"ster of Soc"al

ffa"rs, Gusta' MKller , to +ro'"de soc"al su++ort to fam"l"es.

Gunnar Myrdal %eaded a com+re%ens"'e study of soc"olog"cal,

econom"c, ant%ro+olog"cal and legal data on race relat"ons "n t%e &n"ted

States funded by t%e arneg"e or+orat"on, start"ng "n 1938. 5%e result

of t%e effort was Gunnar Myrdals bestI$nown wor$, An American

Dilemma: The Negro Problem and Modern Democracy, +ubl"s%ed "n

19--, wr"tten w"t% t%e collaborat"on of . M. !. Sterner and rnold

ose.21?4 0e c%aracter"ed t%e +roblem of race relat"ons as a d"lemma

because of a +erce"'ed confl"ct between %"g% "deals, embod"ed "n w%at

%e called t%e mer"can reed, on t%e one %and and +oor +erformance

on t%e ot%er. n t%e generat"ons s"nce t%e "'"l


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>etween 196? and 1967, %e was a +rofessor of "nternat"onal econom"cs

at Stoc$%olm &n"'ers"ty. n 1961, %e founded t%e nst"tute for

nternat"onal !conom"c Stud"es at t%e &n"'ers"ty. 5%roug%out t%e 196?s,

%e wor$ed on a com+re%ens"'e study of trends and +ol"c"es "n Sout%

s"a for t%e 5went"et% entury /und. 5%e study culm"nated "n %"s t%reeI'olume Aian Drama: An #n,uiry into the Poverty of Nation" +ubl"s%ed

"n 1968. n 197?, %e +ubl"s%ed a com+an"on boo$ called The $hallenge

of -orld Poverty" w%ere %e la"d out w%at %e bel"e'ed to be t%e c%"ef

+ol"cy solut"ons to t%e +roblems %e outl"ned "n Aian Drama.

Gunnar Myrdal strongly o++osed t%e L"etnam eam "nour !yes (a b"bl"cal reference cf. Matt%ew 71) %e "ntroduced t%e

a++roac% ment"oned as sc"ent"f"c relat"'"sm of 'alues. 5%"s be%a'"oral

a++roac% "s narrowly connected to be%a'"oral"sm and "s bu"lt on t%e "dea

t%at t%e log"cal gulf between "s and oug%t "s more so+%"st"cated t%an

Bust d"'"d"ng +rem"ses "nto categor"es. 5%e art"cles ed"ted "n Lalue "n

Soc"al 5%eory underl"nes Myrdals "m+ortance to +ol"t"cal sc"ence. s

+ol"t"cal sc"ence normally "s cons"dered more descr"+t"'e as econom"cs

one m"g%t get t%e "dea t%at Myrdal s%ould not %a'e dealt systemat"cally

http://en.wikipedia.org/wiki/Stockholm_Universityhttp://en.wikipedia.org/wiki/Institute_for_International_Economic_Studieshttp://en.wikipedia.org/wiki/Institute_for_International_Economic_Studieshttp://en.wikipedia.org/wiki/Vietnam_Warhttp://en.wikipedia.org/wiki/Vietnamhttp://en.wikipedia.org/wiki/North_Vietnamhttp://en.wikipedia.org/wiki/North_Vietnamhttp://en.wikipedia.org/wiki/Stockholm_International_Peace_Research_Institutehttp://en.wikipedia.org/wiki/Stockholm_International_Peace_Research_Institutehttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-obituary4-14http://en.wikipedia.org/wiki/Humanist_Manifesto_IIhttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-15http://en.wikipedia.org/wiki/Gustavus_Adolphus_Collegehttp://en.wikipedia.org/wiki/Bank_of_Sweden_Prize_in_Economic_Sciences_in_Memory_of_Alfred_Nobelhttp://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economicshttp://en.wikipedia.org/wiki/Friedrich_Hayekhttp://en.wikipedia.org/wiki/Friedrich_Hayekhttp://en.wikipedia.org/wiki/Friedrich_Hayekhttp://en.wikipedia.org/wiki/Milton_Friedmanhttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-The_Nobel_Prize_in_Economics_1974-16http://en.wikipedia.org/wiki/Behavioralismhttp://en.wikipedia.org/wiki/Stockholm_Universityhttp://en.wikipedia.org/wiki/Institute_for_International_Economic_Studieshttp://en.wikipedia.org/wiki/Institute_for_International_Economic_Studieshttp://en.wikipedia.org/wiki/Vietnam_Warhttp://en.wikipedia.org/wiki/Vietnamhttp://en.wikipedia.org/wiki/North_Vietnamhttp://en.wikipedia.org/wiki/North_Vietnamhttp://en.wikipedia.org/wiki/Stockholm_International_Peace_Research_Institutehttp://en.wikipedia.org/wiki/Stockholm_International_Peace_Research_Institutehttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-obituary4-14http://en.wikipedia.org/wiki/Humanist_Manifesto_IIhttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-15http://en.wikipedia.org/wiki/Gustavus_Adolphus_Collegehttp://en.wikipedia.org/wiki/Bank_of_Sweden_Prize_in_Economic_Sciences_in_Memory_of_Alfred_Nobelhttp://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economicshttp://en.wikipedia.org/wiki/Friedrich_Hayekhttp://en.wikipedia.org/wiki/Friedrich_Hayekhttp://en.wikipedia.org/wiki/Friedrich_Hayekhttp://en.wikipedia.org/wiki/Milton_Friedmanhttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-The_Nobel_Prize_in_Economics_1974-16http://en.wikipedia.org/wiki/Behavioralism


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w"t% t%e 'alues a++l"ed to econom"cs. Jn t%e contrary, Myrdal

connected soc"al sc"ence, +ol"t"cal sc"ence and econom"cs as a

+ract"t"oner.

Myrdal +ubl"s%ed many notable wor$s, bot% before and after American Dilemma and, among many ot%er contr"but"ons to soc"al and +ubl"c

+ol"cy, founded and c%a"red t%e Stoc$%olm nternat"onal #eace esearc%

nst"tute. nternat"onally re'ered as a fat%erIf"gure of soc"al +ol"cy, %e

contr"buted to soc"al democrat"c t%"n$"ng t%roug%out t%e world, "n

collaborat"on w"t% fr"ends and colleagues "n t%e +ol"t"cal and academ"c

arenas. Sweden and >r"ta"n were among t%e +"oneers of a welfare state

and boo$s by Myrdal ( Beyond the -elfare tate ) *ew 0a'en, 198

and "c%ard 5"tmuss ( Eay on /The -elfare tate0 ) @ondon, 198unsur+r"s"ngly e:+lore s"m"lar t%emes. Myrdals t%eoret"cal $ey conce+t

c"rcular cumulat"'e causat"on contr"buted to t%e de'elo+ment of

modern *onIeHu"l"br"um econom"cs.2184

Sir Arthur Lewis

Sir William Arthur Lewis, ofcial

Nobel Prize photo

Born William Arthur Lewis

http://en.wikipedia.org/wiki/Social_sciencehttp://en.wikipedia.org/wiki/Political_sciencehttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Stockholm_International_Peace_Research_Institutehttp://en.wikipedia.org/wiki/Stockholm_International_Peace_Research_Institutehttp://en.wikipedia.org/wiki/Social_policyhttp://en.wikipedia.org/wiki/Social_democrathttp://en.wikipedia.org/wiki/Welfare_statehttp://en.wikipedia.org/wiki/Richard_Titmusshttp://en.wikipedia.org/wiki/Non-equilibrium_economicshttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-18http://en.wikipedia.org/wiki/Nobel_Prizehttp://en.wikipedia.org/wiki/Social_sciencehttp://en.wikipedia.org/wiki/Political_sciencehttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Stockholm_International_Peace_Research_Institutehttp://en.wikipedia.org/wiki/Stockholm_International_Peace_Research_Institutehttp://en.wikipedia.org/wiki/Social_policyhttp://en.wikipedia.org/wiki/Social_democrathttp://en.wikipedia.org/wiki/Welfare_statehttp://en.wikipedia.org/wiki/Richard_Titmusshttp://en.wikipedia.org/wiki/Non-equilibrium_economicshttp://en.wikipedia.org/wiki/Gunnar_Myrdal#cite_note-18http://en.wikipedia.org/wiki/Nobel_Prize


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23 January 11!"astries, Saint Lucia,#ritish Win$war$%slan$s

Died

1! June 11&a'e$ ()*Saint +ichael,#arba$os

Nationality

Saint Lucia, nite$-in'$om

Fields .conomics

Institutions

LS. &13/0/*niersity o+anchester &1/0!/*niersity o West%n$ies &1!0)3*

Princeton niersity &1)301*

Almamater

LS.

ThesisThe economics ofloyaltycontracts &14*

Doctoraladvisor

Sir Arnol$ Plant

Known for

5eelopment.conomics%n$ustrial structure6istory o the Worl$.conomy

http://en.wikipedia.org/wiki/Castrieshttp://en.wikipedia.org/wiki/Saint_Luciahttp://en.wikipedia.org/wiki/British_Windward_Islandshttp://en.wikipedia.org/wiki/British_Windward_Islandshttp://en.wikipedia.org/wiki/Saint_Michael,_Barbadoshttp://en.wikipedia.org/wiki/Barbadoshttp://en.wikipedia.org/wiki/Saint_Luciahttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/London_School_of_Economicshttp://en.wikipedia.org/wiki/University_of_Manchesterhttp://en.wikipedia.org/wiki/University_of_Manchesterhttp://en.wikipedia.org/wiki/University_of_West_Indieshttp://en.wikipedia.org/wiki/University_of_West_Indieshttp://en.wikipedia.org/wiki/Princeton_Universityhttp://en.wikipedia.org/wiki/Alma_materhttp://en.wikipedia.org/wiki/Alma_materhttp://en.wikipedia.org/wiki/London_School_of_Economicshttp://en.wikipedia.org/wiki/Thesishttp://en.wikipedia.org/wiki/Doctoral_advisorhttp://en.wikipedia.org/wiki/Doctoral_advisorhttp://en.wikipedia.org/wiki/Arnold_Planthttp://en.wikipedia.org/wiki/Development_economicshttp://en.wikipedia.org/wiki/Development_economicshttp://en.wikipedia.org/wiki/Castrieshttp://en.wikipedia.org/wiki/Saint_Luciahttp://en.wikipedia.org/wiki/British_Windward_Islandshttp://en.wikipedia.org/wiki/British_Windward_Islandshttp://en.wikipedia.org/wiki/Saint_Michael,_Barbadoshttp://en.wikipedia.org/wiki/Barbadoshttp://en.wikipedia.org/wiki/Saint_Luciahttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/London_School_of_Economicshttp://en.wikipedia.org/wiki/University_of_Manchesterhttp://en.wikipedia.org/wiki/University_of_Manchesterhttp://en.wikipedia.org/wiki/University_of_West_Indieshttp://en.wikipedia.org/wiki/University_of_West_Indieshttp://en.wikipedia.org/wiki/Princeton_Universityhttp://en.wikipedia.org/wiki/Alma_materhttp://en.wikipedia.org/wiki/Alma_materhttp://en.wikipedia.org/wiki/London_School_of_Economicshttp://en.wikipedia.org/wiki/Thesishttp://en.wikipedia.org/wiki/Doctoral_advisorhttp://en.wikipedia.org/wiki/Doctoral_advisorhttp://en.wikipedia.org/wiki/Arnold_Planthttp://en.wikipedia.org/wiki/Development_economicshttp://en.wikipedia.org/wiki/Development_economics


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Notableawards

Nobel +emorialPrize in .conomicSciences &1(*

Spouse7la$y Jacobs Lewis&m8 1(*, 2$au'hters91:

Sir Willia$ Ar!)ur Li# (3 Aanuary 191 ) 1 Aune 1991 was a

Sa"nt @uc"an econom"st well $nown for %"s contr"but"ons "n t%e f"eld of

econom"c de'elo+ment. n 1979 %e won t%e *obel Memor"al #r"e "n

!conom"cs.

#io'raphy

rt%ur @ew"s was born "n astr"es, Sa"nt @uc"a, t%en st"ll +art of t%e

>r"t"s% ac%elor of Sc"ence degree "n 1937 and a #%.D. degree"n 19-? at t%e @ondon Sc%ool of !conom"cs (@S!, @ew"s wor$ed as a

member of t%e staff at t%e @S! unt"l 19-8. n 19-7, %e marr"ed Gladys

Aacobs, and t%ey %ad two daug%ters toget%er.

5%at year %e was selected as a lecturer at t%e &n"'ers"ty of Manc%ester ,

and mo'ed t%ere w"t% %"s fam"ly. 0e taug%t at Manc%ester unt"l 197.

Dur"ng t%"s +er"od, %e de'elo+ed some of %"s most "m+ortant conce+ts

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about t%e +atterns of ca+"tal and wages "n de'elo+"ng countr"es. 0e

+art"cularly became $nown for %"s contr"but"ons to de'elo+ment

econom"cs, of great "nterest as former colon"es began to ga"n

"nde+endence from !uro+ean nat"ons.

an$ .

@ew"s rece"'ed t%e *obel +r"e "n !conom"cs "n 1979, s%ar"ng "t w"t%5%eodore Sc%ult.24

0e d"ed on 1 Aune 1991 "n >r"dgetown, >arbados. 0e was bur"ed "n t%e

grounds of t%e St @uc"an commun"ty college named "n %"s %onour. 0e

was sur'"'ed by %"s w"fe, Gladys Aacobs @ew"s of >arbados and

#r"nceton, *A two daug%ters, !l"abet% @ew"s of ranbury, *A, and

>arbara @ew"s of >roo$lyn and four brot%ers, Stanley @ew"s of G%ana,

!arl @ew"s of 5r"n"dad, llen @ew"s, a former Go'ernor General of St

@uc"a, and L"ctor @ew"s of St @uc"a.

The Lewis !odel

@ew"s +ubl"s%ed "n 19- w%at was to be %"s most "nfluent"al

de'elo+ment econom"cs art"cle, !conom"c De'elo+ment w"t%

&nl"m"ted Su++l"es of @abour (Manc%ester Sc%ool. n t%"s +ubl"cat"on,

http://en.wikipedia.org/wiki/Ghanahttp://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-5http://en.wikipedia.org/wiki/Vice_Chancellorhttp://en.wikipedia.org/wiki/Vice_Chancellorhttp://en.wikipedia.org/wiki/University_of_the_West_Indieshttp://en.wikipedia.org/wiki/Knight_Bachelorhttp://en.wikipedia.org/wiki/University_Professorhttp://en.wikipedia.org/wiki/Princeton_Universityhttp://en.wikipedia.org/wiki/Princeton_Universityhttp://en.wikipedia.org/wiki/Caribbean_Development_Bankhttp://en.wikipedia.org/wiki/Nobel_prizehttp://en.wikipedia.org/wiki/Theodore_Schultzhttp://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-nobel-2http://en.wikipedia.org/wiki/Bridgetown,_Barbadoshttp://en.wikipedia.org/wiki/Princeton,_NJhttp://en.wikipedia.org/wiki/Cranbury,_NJhttp://en.wikipedia.org/wiki/Brooklynhttp://en.wikipedia.org/wiki/Ghanahttp://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-5http://en.wikipedia.org/wiki/Vice_Chancellorhttp://en.wikipedia.org/wiki/Vice_Chancellorhttp://en.wikipedia.org/wiki/University_of_the_West_Indieshttp://en.wikipedia.org/wiki/Knight_Bachelorhttp://en.wikipedia.org/wiki/University_Professorhttp://en.wikipedia.org/wiki/Princeton_Universityhttp://en.wikipedia.org/wiki/Princeton_Universityhttp://en.wikipedia.org/wiki/Caribbean_Development_Bankhttp://en.wikipedia.org/wiki/Nobel_prizehttp://en.wikipedia.org/wiki/Theodore_Schultzhttp://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-nobel-2http://en.wikipedia.org/wiki/Bridgetown,_Barbadoshttp://en.wikipedia.org/wiki/Princeton,_NJhttp://en.wikipedia.org/wiki/Cranbury,_NJhttp://en.wikipedia.org/wiki/Brooklyn


10/10

%e "ntroduced w%at came to be called t%e Dual Sector model, or t%e

@ew"s Model.

@ew"s comb"ned an analys"s of t%e %"stor"cal e:+er"ence of de'elo+ed

countr"es w"t% t%e central "deas of t%e class"cal econom"sts to +roduce a

broad +"cture of t%e de'elo+ment +rocess. n %"s t%eory, a ca+"tal"st

sector de'elo+s by ta$"ng labour from a nonIca+"tal"st bac$ward

subs"stence sector. t an early stage of de'elo+ment, t%e unl"m"ted

su++ly of labour from t%e subs"stence economy means t%at t%e ca+"tal"st

sector can e:+and for some t"me w"t%out t%e need to ra"se wages. 5%"s

results "n %"g%er returns to ca+"tal, w%"c% are re"n'ested "n ca+"tal

accumulat"on. n turn, t%e "ncrease "n t%e ca+"tal stoc$ leads t%eca+"tal"sts to e:+and em+loyment by draw"ng furt%er labor from t%e

subs"stence sector. G"'en t%e assum+t"ons of t%e model (for e:am+le,

t%at t%e +rof"ts are re"n'ested and t%at ca+"tal accumulat"on does not

subst"tute for s$"lled labor "n +roduct"on, t%e +rocess becomes selfI

susta"n"ng and leads to modern"at"on and econom"c de'elo+ment.264274

5%e +o"nt at w%"c% t%e e:cess labor "n t%e subs"stence sector "s fully

absorbed "nto t%e modern sector, and w%ere furt%er ca+"tal accumulat"on

beg"ns to "ncrease wages, "s somet"mes called t%e @ew"s"an turn"ng

+o"nt. t %as recently been w"dely d"scussed "n t%e conte:t of econom"c

de'elo+ment "n %"na.284

The Theory of Economic Growth

@ew"s +ubl"s%ed The Theory of Economic !rowth "n 19 "n w%"c% %e

soug%t to E+ro'"de an a++ro+r"ate framewor$ for study"ng econom"cde'elo+ment, dr"'en by a comb"nat"on of Ecur"os"ty and of +ract"cal

need.274
http://en.wikipedia.org/wiki/Dual_Sector_modelhttp://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-6http://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-Leeson-7http://en.wikipedia.org/wiki/Lewis_Turning_Pointhttp://en.wikipedia.org/wiki/Lewis_Turning_Pointhttp://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-8http://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-Leeson-7http://en.wikipedia.org/wiki/Dual_Sector_modelhttp://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-6http://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-Leeson-7http://en.wikipedia.org/wiki/Lewis_Turning_Pointhttp://en.wikipedia.org/wiki/Lewis_Turning_Pointhttp://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-8http://en.wikipedia.org/wiki/W._Arthur_Lewis#cite_note-Leeson-7

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