Arthur Lewis

Arthur Lewis was a renowned economist known for his work on development economics and the dual-sector model, which explains how economies transition from agriculture to industrialization. He introduced the idea that developing countries often have a large agricultural sector that coexists with a smaller industrial sector. As industries grow, they can absorb surplus labor from agriculture, leading to economic development. Lewis's insights into labor markets and development have had a profound impact on economic policies in many countries, and he was awarded the Nobel Prize in Economics in 1979 for his contributions to understanding economic growth in developing nations.